Rates Current as of Friday February 10, 2012

« I wrote a check that was returned because of insufficient funds (NSF) in my account. But the bank never notified me, so other checks bounced and I got hit with several overdraft fees. Shouldn’t the bank have sent me a notice?

Why would someone rent a safe deposit box? »

Does FDIC insurance cover the contents of safe deposit boxes if they are damaged or stolen?

No. By law, the FDIC only insures deposits in deposit accounts at insured institutions. Although you may be putting valuables, including cash and checks, into an area of the bank that has the word deposit in its name, these are not deposits under the insurance laws that the bank can use, for example, to make loans to other customers. A safe deposit box is strictly a storage space provided by the bank.

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If I deposited a $7,000 check drawn on a bank in Illinois into my bank account in Massachusetts. The next day, I received a notice from my bank that part of my deposit was being held for 11 business days because it is a “large deposit.” Is my bank allowed to hold my money this long?

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Does FDIC insurance cover the contents of safe deposit boxes if they are damaged or stolen?

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