Magyar Bank has provided educational resources for you to learn about FDIC Insurance and determine how much coverage you have.
The FDIC has provided a collection of resources to help homeowners, community stakeholders, and the banking industry help prevent unnecessary foreclosures and stop the foreclosure "rescue" scams that promise false hope to consumers at risk of losing their homes.
Click here to visit the FDIC's Tool Kit webpage
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010 which, in part, permanently increases FDIC insurance limits to $250,000 per depositor.
Learn how this increase impacts your deposits.
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
This basic overview video, which is approximately 30 minutes, provides bank employees and bank customers with information on how deposit insurance works, focusing on the most common account ownership categories used by individuals and families.
Use the FDIC's "EDIE" calculator, (electronic deposit insurance estimator) to determine how much FDIC insurance you currently have. Visit the FDIC Web site at http://www.fdic.gov/edie/