Recent news reports and commentaries have raised concern about the safety of deposits in banks and credit unions. Banks and credit unions doing business in Washington State have federal deposit insurance through the Federal Deposit Insurance Corporation (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions. The NCUA's deposit insurance is called the National Credit Union Share Insurance Fund (NCUSIF).Basic Deposit Insurance Coverage
In general, the FDIC and NCUSIF provide deposits with $100,000 in coverage for their individual deposit accounts. These accounts include savings, checking, money market, and certificate accounts. Individuals with account balances totaling $100,000 or less at the same insured bank or credit union have full FDIC (for banks) or full NCUSIF (for credit unions) coverage.
Retirement Accounts
Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank or per insured credit union. For bank information from FDIC, Click Here. and read "certain retirement accounts". For credit union information from NCUA, Click Here and read "Does NCUSIF provide additional coverage".
Additional Deposit Insurance Coverage
If you have more than $100,000 in an individual bank or an individual credit union, you may want to use the FDIC guide (for bank deposits) available by Clicking Here or the NCUSIF estimator (for credit union deposits) available by Clicking Here. Additional insurance coverage is available based on rules from the FDIC or NCUA regarding retirement accounts and other types of accounts, such as trust accounts. You should also call your bank or credit union to discuss deposit insurance coverage in excess of $100,000 per individual.
Frequently Asked Questions (FAQ) about Deposit Insurance
FDIC has a great FAQ about deposit insurance, Click Here. NCUSIF has similar FAQ Click Here.
Financial Statements
If you are curious about the financial health of The Bank of the Pacific or another bank or credit union, we post quarterly financial statements on the FDIC or NCUA website.
For our most recently published, quarterly financial statement, Click Here
For a credit union's most recently published, quarterly financial statement, Click Here
You can also check with a bank rating services. For a further discussion of financial rating services, Click Here. Some of these services also rate credit unions.
For additional information about your account at Bank of the Pacific and your individual FDIC coverage, please contact your Local Branch Thank you.
