FDIC Insurance FAQs

Any person or entity can have FDIC deposit insurance in an insured bank located in the United States. A person does not have to be a U.S. citizen or resident to have deposits insured by the FDIC.

Yes, Itasca Bank & Trust Co. is insured by the Federal Deposit Insurance Corporation (FDIC) and deposits at Itasca Bank & Trust Co. are insured up to the maximum limits allowed by law. Our depositors can be confident that their insured deposits are safe. FDIC insurance is backed by the full faith and credit of the United States government.

Itasca Bank & Trust Co. is well-capitalized. Capital serves as a "buffer" against any losses. The Bank is well-positioned to handle economic downturns. In our over 70 year history, we have experienced many tough economic times without problems.

Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor.

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. Itasca Bank & Trust Co.'s Customer Service or one of their Officers would be happy to discuss this with you.

No.

The order in which names appear on a joint account does not change the coverage (one account titled "Bill and Jill" and another one titled "Jill and Bill" will not increase coverage - both accounts are joint accounts and each person has $250,000 coverage). Also the words "and" and "or" do not matter in the account name.

Yes, interest is covered as soon as it is paid into the account.

After a depositor's death, there is a six month "grace period" where the person's coverage will not change. 

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 in an FDIC-insured bank. Safe deposit box contents are not insured by the FDIC, and Bank loans are not associated with FDIC insurance.