Important Information About FDIC Insurance
As a community bank, Magyar Bank remains well capitalized and well positioned to continue to serve our customers and community. With over 100 years of experience, we expect to serve this community for generations to come. As a community bank customer, you have unlimited access to our experienced team, and we stand ready to assist you at all times with any of your questions or concerns. As a community bank, we take pride in our relationship-based business model focused on building long-term trust with our customers. After all, we live in your community too, and your success is our success.
Recent events have drawn attention to the Federal Deposit Insurance Corporation (“FDIC”) insurance covering deposits in our nation’s banks. No bank customer has ever lost a penny of FDIC-insured deposits up to $250,000. In reaction to the recent bank failures, the FDIC has announced it will fully protect all depositors of those failed institutions, ensuring no depositor loses any of their deposits over $250,000 either. This welcome and reassuring announcement illustrates the commitment of our government to protect depositors and the banking industry.
For those customers who have questions about whether additional insurance coverage is needed, we are ready and prepared to assist you in identifying whether additional insurance coverage is necessary and ensuring your deposit needs are met.
Magyar Bank has put together some resources to help answer many questions regarding FDIC insurance. Check out the information below, and corresponding links to the FDIC’s Web site. For specific questions about your Magyar accounts and FDIC insurance eligibility, give us a call at 1.888.990.BANK.
