With the recent news coming from the financial industry, we want you to know that Ion Bank is a well-capitalized and strong institution. Safety and security are our first priority. We are here to serve you and answer any questions you may have including our depositors’ protection under FDIC insurance.
Ion Bank is an insured bank member of FDIC which means that you, the customer, are protected against the loss of your deposits if an insured bank fails.
Here are some highlights from the FDIC website talking about your insured deposits.
What is the FDIC?
The FDIC—short for the Federal Deposit Insurance Corporation—is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails.
Any person or entity can have FDIC insurance coverage in an insured bank. A person does not have to be a U.S. citizen or resident to have his or her deposits insured by the FDIC.
FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC began operations in 1934, no depositor has ever lost a penny of FDIC-insured deposits.
FDIC Coverage Basics
FDIC insurance covers depositors’ accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the insurance limit.
FDIC insurance covers all types of deposits received at an insured bank but does not cover investments, even if they were purchased at an insured bank.
What the FDIC Covers
- Checking accounts
- Negotiable Order of Withdrawal (NOW) accounts
- Savings accounts
- Money market deposit accounts (MMDA)
- Time deposits such as certificates of deposit (CDs)
- Cashier’s checks, money orders, and other official items issued by a bank
What the FDIC Does Not Cover
- Stock investments
- Bond investments
- Mutual funds
- Crypto Assets
- Life insurance policies
- Annuities
- Municipal securities
- Safe deposit boxes or their contents
- U.S. Treasury bills, bonds or notes*
*These investments are backed by the full faith and credit of the U.S. government.