FAQ about Stillman and FDIC Insurance
What are the limits for insured deposits?
All FDIC-insured deposits, including checking, NOW, savings and money market accounts, as well as certificates of deposit, are insured up to the following legal limits for each unaffiliated financial institution: $250,000 per depositor, plus $250,000 for most retirement accounts, such as Individual Retirement Accounts. Moreover, if you believe that some of your deposits are not fully insured, it may be possible to restructure your accounts to bring your deposits into insurance coverage up to amounts reaching $1,000,000.
Plus, for those with well over the normal FDIC covered amounts, Stillman is part of the Certificate of Deposit Account Registry Service (CDARS) network. Through CDARS the depositors can have their CD investments FDIC insured up to $50,000,000. Customers must enroll in the program with Stillman to receive the benefits of CDARS.
Is Stillman at risk of failure?
No. Stillman is well-capitalized. Capital serves as a “buffer” against any losses. Our bank is well positioned to handle economic downturns, and if necessary, to take steps to put any losses behind us. See our Statement of Condition.
Our bank has always focused on serving our local community by making traditional loans that help our customers in traditional ways. Stillman is not a subprime lender.
Are my deposits at your bank FDIC-insured?
Yes, Stillman is insured by the Federal Deposit Insurance Corporation (FDIC), and your deposits at our bank are insured up to the maximum limits allowed by law. You can be confident that your insured deposits are safe. FDIC insurance is backed by the full faith and credit of the United States government.
What accounts are not insured by the FDIC?
The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an FDIC-insured bank.
What if some of my deposits at my bank are not FDIC insured?
If you find that some of your deposits are not fully insured, it may be possible to restructure your accounts to bring your deposits within insurance coverage. Be sure to talk with a Retail Banker first before you make any changes to your accounts.
How can I verify that my bank accounts are insured and that my money is safe?
Talk with a Retail Banker or receive literature from our offices. You may also go to www.fdic.gov to learn more. If you want to calculate your own insurance coverage for the deposits held by Stillman or any other financial institution, you can use the FDIC's online “Electronic Deposit Insurance Estimator” at www2.fdic.gov/edie. You also can speak directly with an FDIC specialist by calling 1-877-ASK-FDIC.
Is my money safer in big banks?
No one has ever lost a penny of FDIC-insured deposits held in community banks. Community banks focus on the needs of local families, businesses and farmers, and their top executives are generally available on site to answer your questions directly and make timely decisions.
The bank believes that it is an obligation, not a right, to serve its customers to the best of its abilities. The bank attributes its success and growth to high quality service, a progressive atmosphere, and a commitment to the communities and customers it serves. While Stillman Bank strives to be one of the technological leaders in the area, it maintains a high degree of personal relationship with its customers.