What is the FDIC?

What exactly is the FDIC and how does deposit insurance help protect your assets?

About the FDIC

Congress created the FDIC, an independent agency of the federal government, to restore public confidence in the nation's banking system in response to thousands of bank failures in the 1920s and 1930s.

The FDIC insures more than $7 trillion of deposits at more than 8,000 banks and savings associations across the nation against failure. The FDIC helps identify, monitor and address risks to the safety and soundness of these institutions.

Since the FDIC began insuring deposits on Jan. 1, 1934, no depositor has lost a single cent of insured funds as a result of a bank failure.

Member FDIC

Starion Financial is an insured member of the FDIC, which means our customers' deposits are guaranteed up to the current coverage limits. This coverage is automatic; no need to opt in.

Starion Financial is well-capitalized and engages in common-sense lending and business practices. You can be confident that our stability and FDIC insurance will keep your deposits safe now and into the future.

Maximize your FDIC coverage

Deposit accounts are insured up to $250,000 per depositor for each account ownership category in each bank that the FDIC insures.

You are covered for $250,000 in your checking and savings accounts, for example, but you can add to that coverage by having a spouse, child or other person join you in account ownership, adding another $250,000 in coverage on the joint account. Deposits held in different categories of ownership - such as single accounts or joint accounts - are separately insured.

More FDIC coverage

Starion Financial is a member of the Certificate of Deposit Account Registry Service (CDARS). If you wish to deposit amounts greater than $250,000, we can deposit it with other members of the CDARS network in smaller increments that can be covered by the FDIC. You receive insurance coverage from many institutions with one account statement.

Insurance on deposits

FDIC insurance covers deposits in checking and savings accounts, money market deposit accounts, Certificates of Deposit (CDs), and certain retirement accounts, including Individual Retirement Accounts (IRAs).

Current standard deposit insurance coverage is $250,000, increased from $100,000 in October 2008 and retroactive to Jan. 1, 2008.

Did you know the FDIC gets no congressional appropriations or taxpayer money?

The insurance pool comes from premiums that insured financial institutions like Starion Financial pay and from earnings on investments in U.S. Treasury Securities.

More questions?

Ask a personal banker at any Starion location. They are FDIC-wise and can maximize your coverage. We also have FDIC brochures explaining coverage in detail at all our lobbies. You can also visit the FDIC website for in-depth information.