Dear editor:

Recent headlines about bank failures and government takeovers have caused many people to become concerned about the safety of their deposits in financial institutions. These concerns have been fueled by an endless parade of “experts” on news programs, which, at times, seem to confuse and sensationalize the issue and ultimately create apprehension among depositors.

But there is nothing to fear if your deposits are insured by the Federal Deposit Insurance Corporation. The FDIC is an independent agency of the United States government created in 1933 to protect you against the loss of your deposits in the unlikely event that your FDIC insured bank or savings institution fails.

To verify that your bank or savings institution is insured by the FDIC, you can call toll-free 1-877-275-3342 or check the FDIC Institution Directory online at www2.fdic.gov/idasp.

The types of deposit accounts insured by the FDIC include checking, NOW and savings accounts, as well as money market deposit accounts, and certificates of deposit (CDs).

However, the FDIC does not insure stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities even if you purchased them from an insured bank.

Also, the FDIC does not insure U.S. Treasury bills, bonds or notes. These are backed by the full faith and credit of our federal government.

Even though the FDIC's basic insurance amount is $100,000 per depositor per insured bank, you may qualify for more than $100,000 in coverage at one bank if you own deposit accounts in different ownership categories.

The ownership categories include single accounts, joint accounts, and revocable trust accounts. An additional category, self-directed retirement accounts, is insured up to a combined total per depositor of $250,000 per insured bank.

If you are concerned about whether or not all of your deposits are insured, contact your bank or savings institution and ask the question. They should be able to determine the amount of your FDIC coverage and advise you on how to obtain complete coverage if you are underinsured.

In the 75 years the FDIC has been in existence no depositor has lost a penny of insured deposits, ever! So regardless of what the economic future may hold, you can have financial peace of mind when it comes to your FDIC insured bank deposits.

Bill Harrison

Southwest Georgia Bank

Moultrie