Rates Current as of Wednesday February 08, 2012

Yes, FDIC insures each account holders deposits separately from any deposits at another FDIC insured bank. If the bank is a branch or an internet division of the same banking institution, the accounts are considered insured at the one bank and the deposits are not insured separately.

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Banking & CD FAQs

Is it legal for the bank to request my fingerprint to cash a check?

Yes. Most banks use fingerprinting as a security measure and a way to combat fraud. Federal banking laws and regulations do not prohibit national banks from requesting that you provide a fingerprint to cash a check.

Are banks in the United States all the same?

Most all banks are now very similar in the US. Technically, there are three main types of depository institutions or banks; banks, thrifts and credit unions. Thrifts and banks are very similar in structure, regulation and products offered. Credit unions are have some restrictions on members and are generally only available regionally.

My son has a small savings account that was opened a few years ago. When I recently checked the balance it was close to zero. It appears the bank has been assessing fees on the balance bringing it to almost nothing. Can they do that on his account?

There is no Federal regulation that would stop a bank from continual assessing account fees as long as these fees were disclosed in advance to your son. The bank should have disclosed its fees to your son either at the time of account opening or at a later date if the fees were initiated

How am I notified when my bank has been closed by the FDIC?

The FDIC notifies each depositor in writing using the depositor’s address on record with the bank. This notification is mailed immediately after the bank closes. When the failed bank is acquired by another bank; the assuming bank also notifies the depositors. This notification usually is mailed with the first bank statement after the assumption.

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