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January 28, 2010
For Immediate Release
Contact: Eva Rees (801) 538-8834
Are My Deposits at Utah
Banks or Credit Unions Safe?
The answer is YES, up to $250,000 per depositor, per insured
institution. As the FDIC website says, “When your deposits are
100% FDIC-insured, you cannot lose a penny, no matter what.”
The recent coverage of Utah financial institutions has prompted
questions from depositors of Utah banks and credit unions as to the
safety of their deposits.
The Utah Department of Financial Institutions urges Utah citizens
that have questions to review and understand Federal Deposit Insurance.
If your deposits are insured there is no need to move your
accounts.
The Department’s website is located at
www.dfi.utah.gov. Besides
answering the safety question, the site also includes links to the FDIC
and NCUA websites, where federal deposit insurance is described and a
deposit insurance coverage calculator is provided.
If depositors prefer, they can directly access the FDIC website at:
If members prefer, they can directly access the NCUA website at:
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