Bank Safety and Soundness
Mars Bank, and the country’s banking system, is safe and sound. Overseen by multiple state and federal agencies, the banking system has many safeguards. Below are resources about the safety of the U.S. banking system. If you have questions, please contact us.
Information from the Federal Deposit Insurance Corporation (FDIC)
Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank (like Mars Bank): it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. And you don’t have to purchase deposit insurance. If you open a deposit account in an FDIC-insured bank, you are automatically covered.
Are your deposits covered? Read about deposit insurance and your coverage here.
Electronic Deposit Insurance Estimator (EDIE)
EDIE can be used to calculate the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank, including:
- Checking Accounts
- Savings Accounts (both statement and passbook)
- Money Market Deposit Accounts (MMDAs), and
- Certificates of Deposit (CDs)
Visit “EDIE” on the FDIC site to calculate your deposit insurance coverage.
Read more about deposit insurance on the FDIC website.
Information About the Banking Industry from the American Bankers Association (ABA)
Rob Nichols, President and CEO of the ABA explained in a C-SPAN interview the recent bank failures and the overall strength of the American banking system.
Placing your money in a federally-insured and highly regulated bank (like Mars Bank) ensures that your hard-earned funds are protected and available when you need them. Read about how banks protect your money and the many benefits of having a bank account.
Far more common than issues with bank safety are losses due to scams and fraud. Mars Bank provides free cybersecurity awareness training; the ABA provides information to help consumers avoid scams and protect their money.
Contact us with any questions you have about Mars Bank or banking.