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Community Bankers Association of Kansas:  Insured Deposits are Safe at a Community Bank

Below is a media release shared by CBA of Kansas on March 24, 2020. Please use the material and the link to the Newswire release in communications with your local media and your customers. 


Community Bankers Association of Kansas:
Insured Deposits Are Safe at a Community Bank

The Community Bankers Association of Kansas (CBA) today reminded consumers and community banking customers that their insured deposits are safe and backed by the full faith and credit of the federal government through the Federal Deposit Insurance Corp. (FDIC). The FDIC fully insures funds held in FDIC-insured community banks up to $250,000 per depositor.

“Community banks are stable and well-capitalized,” said CBA President and CEO Shawn Mitchell. “Community banking customers can continue to bank with confidence knowing their money is safe because it is insured by the FDIC. Since the FDIC was founded in 1933, no one has ever lost a penny of FDIC-insured funds.”

The FDIC insures deposits and protects depositors’ funds in banks and savings associations. FDIC deposit insurance covers each depositor, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest. Customers should look for an official FDIC sign at each teller window or teller station in their local community bank to know their institution is covered by FDIC insurance.


According to the FDIC, insurance covers all types of deposits received by a financial institution in its usual course of business, including savings and checking accounts, NOW accounts, money market deposit accounts, Christmas club accounts, and time deposits like certificates of deposit. Cashiers’ checks, officers’ checks, expense checks, loan disbursement checks, interest checks, outstanding drafts, negotiable instruments and money orders drawn on the institution are also protected by the FDIC.

“If you are having difficulties managing your finances, talk with your local community banker,” said Mitchell. “Community banks have been around for generations and have weathered many storms. We are here to serve our customers and communities for the long haul.”

The FDIC’s Electronic Deposit Insurance Estimator is an interactive application that can help you learn about deposit insurance and calculate the insurance coverage of your accounts.

About CBA

Community Bankers Association of Kansas serves independently owned and operated banks of all sizes and charter types throughout the state of Kansas offering political representation, educational training and networking opportunities. Their purpose is to promote the economic strength in Kansas communities and Kansas community banks. For more information, visit www.cbak.com; call (785) 271-1404; or email shawn@cbak.com​. 

Source: Community Bankers Association of Kansas

Full link:

https://www.newswire.com/news/community-bankers-association-of-kansas-insured-deposits-are-safe-at-a-21117544


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ICBA Community Focus 2020: The Community Bank Agenda for Expanding Economic Opportunity Download the Plan 

ICBA Community Focus 2020: The Community Bank Agenda for Expanding Economic Opportunity is a multifaceted agenda that advocates for common-sense reforms that will promote greater access to financial services and economic opportunity throughout local communities nationwide.

Community banks are well-positioned to support greater economic opportunity for all Americans. Serving the nation’s rural, suburban and urban communities with more than 52,000 locations, community banks are critical to ensuring that every local community can join in the nation’s broad economic prosperity.

ICBA and community bankers developed Community Focus 2020 to advance a more efficient system of regulation, unbiased laws governing the financial sector, a safer and more secure business environment, and more effective agriculture policies to extend the nation’s economic growth to every corner of the country.

 

Community Focus 2020 includes policy prescriptions on the following issue areas:

  • Regulatory Relief
  • More Competitive Landscape
  • Bank Secrecy Act/Anti-Money Laundering
  • Data Security, Fraud, and Privacy
  • Preserving Mortgage Lending
  • Tax Relief
  • Industry Concentration and Systemic Risk
  • Agriculture and Rural America
  • Community Bank Innovation
  • Payments
  • Cybersecurity

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