Sleep tight — Your money is safe!
If the economy suddenly tanks or some banks fail, there’s absolutely no reason to head to your local bank branch and withdraw a suitcase full of cash. Your money is much safer in a bank than it would be stuffed under your mattress (or anywhere else). Protecting our customers’ deposits and funds at Planters First Bank is a top priority. You may have heard that Planters First Bank is FDIC-insured or is a member of the FDIC. But what does that mean for you and your accounts with us?
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. Government that protects depositors against the loss of insured deposits if an FDIC-insured or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
**Click the image to below to view video on Understanding FDIC Deposit Insurance**
How much is insured by the FDIC?
The FDIC insures up to $250,000 per depositor, per insured bank or financial institution for each account ownership category.
What is insured by the FDIC?
All types of SouthState deposits are FDIC-insured including:
- Checking Accounts
- Savings Accounts
- Deposit products such as CDs, Money Market accounts and IRAs
- Official items issued by the bank, such as cashier’s checks
What isn’t insured?
The FDIC does not insure other bank products and services including:
- Mutual fund shares
- Life insurance policies
- Safe deposit contents
- Any investment that is not a deposit, even if the above investments were purchased from Planters First Bank.
For additional information on FDIC Insurance:
- Visit the FDIC website.
- Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE), an interactive application that can help you determine your deposit insurance coverage.
FDIC deposit insurance enables consumers to confidently place their money at thousands of FDIC-insured banks across the country, and is backed by the full faith and credit of the United States government.