FDIC Insurance Protection

“Deposits insured by FDIC” quite simply means peace of mind, because your money is safe in an FDIC-insured institution.

FDIC- the Federal Deposit Insurance Corporation- is an independent agency of the US government, established by Congress in 1933 to insure a member institution’s deposit if it should fail. A bank may obtain FDIC insurance, only if it meets and adheres to the FDIC’s high standards, as determined by federal and state regulatory agencies. If a member bank does fail, however, the FDIC stands ready to reimburse depositors, usually within 10 days after the bank closes.

FDIC insurance offers an extra measure of protection for your money. It provides up to $250,000 coverage per individual depositor per institution. Additional protection can be obtained by holding accounts jointly or in trust.

NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS - By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit www4.fdic.gov.

FDIC insurance is provided at no cost to you, the depositor. (Premiums are paid by the insured bank, based on its deposit volume.)

You can learn more about us on the FDIC website by using the “Find Your Bank” link: www.fdic.gov. Just type All America Bank in the name field, “Oklahoma” in the state field, and click “Find”. All America Bank® and Redneck Bank®, the internet banking division of All America Bank®, are the same institution. Deposits held at All America Bank® and Redneck Bank® are not separately insured by the FDIC.

But the only fact you really need to remember is that not one dollar of FDIC-protected money has ever been lost by a depositor.

So rest easy. Your money is safe – and working hard for you – with us.