Gate City Bank is proud to be a member of the Federal Deposit Insurance Corporation (FDIC), a government organization that insures the deposits of all national and state banks up to $250,000 per depositor in eight separate account categories per bank.
You’ve likely heard it in commercials, spotted it on billboards, scanned it while walking through your bank’s front door and encountered it in countless other places. “Member FDIC” seems to be everywhere – but what does it mean? It’s actually great news for you!
Gate City Bank is proud of, and thankful for, our long-time relationship with the FDIC, which goes back 88 of our 100 years as a bank! Today, thanks to the FDIC and sound business practices, our customers can rest assured that deposits up to $250,000 per depositor in eight separate account categories per bank are insured. Additionally, Gate City Bank remains a safe, strong and secure bank.
Since 1923, we’ve worked to establish ourselves as a bank our customers can depend on – and we’re committed to that role. We have incredibly healthy finances and are considered well-capitalized as our capital ratio significantly exceeds the required regulatory minimum level.
Additionally, being a mutual bank means we don’t answer to shareholders; instead, our focus is on helping our communities thrive. We’re mindful, thoughtful and take our time to make decisions that support our customers, communities and team members. And after a century of better banking, we’re just getting started – For a Better Way of Life.®
Created in 1933 – in the midst of the Great Depression – the FDIC is an independent agency of the U.S. government that protects bank customers against the loss of their insured deposits in the event an FDIC-insured financial institution fails. Many different kinds of financial institutions, including those based solely online, offer FDIC insurance to deposit customers.
Simply put, FDIC insurance is a great safety net in case of rough economic times. It’s backed by the full faith and credit of the government. Additionally, it factors in the principal amount plus any interest accrued or due to the depositor. Fun fact: Since 1933, no depositor has lost a single cent of FDIC-insured deposits.
FDIC insurance is automatically available for any deposit account opened at an FDIC-insured bank, up to the FDIC limits; there’s no need to apply for or purchase it. The premium is paid by participating banks, so you can have peace of mind knowing your money is safe and secure.
Check out the this helpful insurance estimator tool to learn if your accounts are fully insured by the FDIC. You can also talk to a helpful bank representative.
Here are some of the products the FDIC insures:
While we continue to be mindful about financial and economic uncertainties, Gate City Bank continues to hold solid with our financial footing. Cheers to the next 100 years!