What it means when you hear Member FDIC
You may have noticed the Member FDIC logo or disclaimer on ours and other bank advertising, signs and brochures.
As a Maquoketa State Bank customer you can feel confident in the financial operations and sound decisions of our banking practices, while also having peace of mind, knowing your deposits are insured by the FDIC. FDIC stand for the Federal Deposit Insurance Corporation.
It’s an independent agency created by Congress to maintain stability and confidence in the nation’s financial system. The FDIC insures deposits, examines and supervises financial institutions for safety and soundness, and more. The FDIC is funded by premiums that banks and savings associations pay for deposit insurance coverage.
The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits only. It does not insure securities, mutual funds, or similar types of investments. FDIC insurance is backed by the full faith and credit of the U.S. government.
Since the start of FDIC insurance on January 1, 1934, no depositor has lost a penny of insured funds as a result of a failure. You can learn more about the FDIC and deposit insurance on their website at www.fdic.gov. https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/