Elgin State Bank Blog

Your Insured Deposits with Elgin State Bank

Customers are naturally concerned about the financial condition of their own bank when they hear things on the news such as the recent failures of some Financial Institutions. Rest assured, Elgin State Bank continues to be very strong financially with capital reserves well in excess of regulatory minimums, and is operating profitably. Read More

Elgin State Bank has full FDIC coverage on all deposits $100,000 and less, and if the accounts are titled properly, the coverage per family can be in excess of $1,000,000. Also, the FDIC provides up to $250,000 in insurance coverage for deposits held in Individual Retirement Accounts.

If you are concerned about the insurability of your deposits, the FDIC provides an interactive application that allows you to calculate the insurance coverage of your accounts, called Electronic Deposit Insurance Estimator (EDIE). This tool can be found on their website at http://www.fdic.gov/edie/.

If you are concerned about the safety of your money here at Elgin State Bank, please feel free to contact us at (847) 888-7950.

Posted by Deborah Szmurlo on July 18th, 2008 in Consumer Alerts, Customer Care, Elgin Experience.

Tags: Deposit Insurance, FDIC