Bank NewsNotice of Changes in Temporary FDIC Insurance Coverage for Transaction AccountsAll funds in a "noninterest-bearing transaction account, including IOLTA's" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov
ICBA Urges Consumers: Go Local By Banking Locally with Your Community BankWashington, D.C. (October 11, 2011)--As many of the nation’s consumers consider switching banks, the Independent Community Bankers of America (ICBA) is reminding them that now is the perfect time to join the "go local" movement by banking locally with their local community bank. By doing so, consumers will realize the litany of benefits that come with banking with a community bank including a relationship-based banking experience, superior customer service and the pride that comes with reinvesting in one's community.
"By going local and banking locally with your community bank, consumers can make a real difference in the lives of their neighbors and the future of their community," said Sal Marranca, ICBA chairman and president and CEO of Cattaraugus County Bank, Little Valley, N.Y. "They'll be making a hometown investment they can be proud of. After all, the money they deposit in their community bank will be reinvested in ways that drive their local economy, such as in the form of loans to local residents who want to buy a home or to small business owners who are looking to open shop on Main Street."
As small businesses themselves, community banks only thrive when their customers and communities do the same, so taking care of their customers and looking out for the best interest of their community is engrained in the way they conduct their business each and every day. And when consumers call their local community bank, they'll be reassured to know that they won't be talking to someone halfway across the globe. Instead, they will be talking with their community banker who lives and works in the same community they do.
Whether located in small towns, suburbia or big-city neighborhoods, community banks improve America's communities by funding nearly 60 percent of all small businesses under $1 million and by using local dollars to help families purchase homes, buy a car, finance college and build financial security. By driving local economies and creating local jobs, community banks are an integral part of our financial system and play a key role in our nation's economic recovery. Of the more than 7,000 community banks across the country, nearly 5,000 are ICBA members. Representing more than 23,000 locations nationwide and employing more than 280,000 Americans, ICBA members hold more than $1 trillion in assets, $900 billion in deposits, and $700 billion in loans to consumers, small businesses and the agricultural community.
"ICBA wants all Americans to know that their community bank is not only invested in their hometown, but also in them, as a customer," Marranca said. "Our doors are open and we welcome consumers to go local and see the community bank difference for themselves."
FDIC Insurance Coverage Permanently Increased to $250,000 Per DepositorOn July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.
The temporary increase from $100,000 to $250,000 was effective from October 3, 2008, through December 31, 2010. On May 20, 2009, the temporary increase was extended through December 31, 2013.
"With this permanent increase of deposit insurance coverage to $250,000, depositors with CDs above $100,000 but below $250,000 will no longer have to worry about losing coverage on those CDs maturing beyond 2013. We strongly encourage all bank depositors who have questions about their insurance coverage to go to our Web site at www.fdic.gov
and use our Electronic Deposit Insurance Estimator (EDIE) or call our toll-free number at 1-877-ASK-FDIC. Insured deposits provide the comfort and peace of mind to depositors that their money is 100 percent safe – provided they keep their deposit balances within the insurance limits," said FDIC Chairman Sheila C. Bair.
Farmers State Bank Receives 5 Star Safety Rating
Bauer Financial, an independent company that rates the safety of financial institutions, has given the 5 star rating, the highest rating available, to Farmers State Bank. We are proud of this rating, and it confirms the safety of your money when you bank with us.
Ratings for all U.S.
financial institutions can be found free of charge at www.bauerfinancial.com
MasterCard SecureCodeNo matter what you're looking for online, Farmers State Bank of Darwin is looking out for you!
Whether you're shopping for an exciting vacation or a vacuum cleaner, now you can enjoy added security with MasterCard SecureCode, a service to enhance your existing Farmers State Bank Shazam MasterCard account.
With your own private code, you'll be protected against unauthorized use of your card at participating merchants. While shopping at a participating online merchant, you'll be asked to choose your own private SecureCode before completing your transactions. Or, to create your own SecureCode now*, follow the simple steps at https://secure.shazam.net/securecode. Once you have created your own SecureCode, you can then use it for future purchases at participating online merchants.
* Feature is only available for customers that have been issued a Farmers State Bank of Darwin Shazam Debit Card. For information regarding the issuance of a debit card, please contact the bank for an applicaion.
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