Federal Deposit Insurance Corporation (FDIC) Information
IMPORTANT FDIC NEWS
Parke Bank is a member of the Federal Deposit Insurance Corp. (FDIC), an independent agency of the United States government that protects the funds depositors place in FDIC-insured institutions. FDIC deposit insurance is backed by the full faith and credit of the U.S. government. The FDIC emphasizes that since it was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
The Federal Deposit Insurance Corporation (FDIC) has increased deposit insurance on all accounts to $250,000 per depositor through December 31, 2013. IRA deposits are covered to $250,000.00 per depositor and will continue to be covered after December 31, 2013.
Parke Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. The Transaction Account Guarantee Program also covers Negotiable Order of Withdrawal (NOW) accounts that pay an interest rate of .50% or less, (under this program, these are noninterest-bearing transaction accounts), and Interest on Lawyers Trust Accounts (IOLTAs).
You can calculate your insurance coverage using the FDIC's Electronic Deposit Insurance Estimator at www.myFDICinsurance.gov. For questions about FDIC coverage, call toll-free 1-877-ASK-FDIC or ask a Parke Bank representative for assistance.
