As the economic impact from COVID-19 continues to be felt – from stock market volatility to small business closures – it’s natural that many in our community are concerned about their financial situation. That includes wondering about the safety of the money in their checking and savings accounts.
Luckily, as a member of the Federal Deposit Insurance Corporation – or FDIC – Penn Community Bank accounts are backed by the federal government.
The FDIC is proud to note that since its founding 1933, in response to the Great Depression, no depositor has ever lost a single cent of insured funds. Even in these uncertain times, the agency confirms that FDIC-insured funds are as safe as ever.
To help you better understand the value of your Penn Community Bank FDIC-insured accounts, the FDIC has provided answers to some of its most common questions:
If my bank has temporarily reduced branch access or is not open, is my money still insured?
In difficult circumstances, some banks may need to temporarily limit operations to protect the health of their employees and customers. This may include closing a lobby, converting to drive-thru only services, or encouraging customers to use ATMs or digital channels to access their services. Regardless of the bank’s operating conditions, your money is insured by the FDIC.
Will there be enough cash during a pandemic or other national disaster? Do I need to keep large amounts of cash in my possession to protect myself in case there is not enough cash available in the future?
The Federal Reserve System has and will continue to meet the currency needs of banking customers. Be assured that sufficient resources are available to handle customer needs. Consumers are encouraged to continue to conduct transactions as they normally would. Credit and debit cards and other payment systems will operate as normal. Keep in mind, the safest place for your money is inside an FDIC-insured bank. Having significant sums of cash to fund more than your normal activities might seem like a good idea, but cash is also subject to loss or could make you a target for theft. Banks will continue to ensure that their customers have access to funds either directly or electronically, and inside an FDIC-insured bank, your funds are protected by the FDIC. Since 1933, no depositor has ever lost a penny of FDIC insured funds.
I have deposits at a bank that I think may exceed the FDIC’s deposit insurance limits. What should I do?
At https://www.fdic.gov/deposit/, the FDIC has a number of deposit insurance resources to help you determine your deposit insurance coverage. A key tool for determining deposit insurance coverage is the Electronic Deposit Insurance Estimator (EDIE), which is available at https://edie.fdic.gov/. In addition, the FDIC website has a wide range of other links that can help you determine your deposit insurance coverage.
In addition to working with the FDIC to secure your hard earned money, Penn Community Bank has taken numerous steps to protect the financial and physical wellbeing of our customers and communities. While our branch network is operating under temporarily limited hours and with drive-thru and appointment-only service due to COVID-19, we are still able to meet all your banking, lending, and investment needs. If you have any questions, contact our Customer Care Center at 215.788,1234 or complete this form if you are in need of loan assistance during this period.
For the latest information related to Penn Community Bank’s response to COVID-19, visit our COVID-19 Communication Center.
*See the FDIC website for details on the per depositor limitation.