Since the founding of the Federal Deposit Insurance Corporation in 1933 no depositor has lost a penny of FDIC-insured funds. You can learn more about FDIC insurance at the FDIC’s website. https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/
If safety is your primary concern, here are some options to maximize your FDIC insurance coverage:
- Dickinson Financial Corporation has two OCC bank charters—Armed Forces Bank and Academy Bank—allowing you to open multiple accounts at each bank to receive maximum coverage.
- The Bank also offers Certificate of Deposit Account Registry Service (CDARS) which enables large depositors to spread out funds across multiple CDs held at different banks, while managing them under a single umbrella.
- The Bank is also a member of the Insured Cash Sweep (ICS) network where money market account deposits are participated amongst the network banks in amounts below $250,000, which allows your deposits to be insured up to the maximum FDIC limit.
For more information on how to get ICS or CDARS coverage, call Armed Forces Bank at 866-277-4539 or email firstname.lastname@example.org .