Allegiance Bank and Member FDIC
Allegiance Bank is a proud member of the Federal Deposit Insurance Corporation (FDIC). This membership indicates that your bank is protected by the Federal Government, adding an extra layer of coverage to your banking experience. Established by Congress in 1933 in response to the thousands of bank failures that occurred in the 1920s and 1930s, the Federal Deposit Insurance Corporation is an independent agency created to maintain stability and public confidence in the nation’s financial system. To accomplish this mission, the FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships. Since establishment, no depositor has lost a single dollar of FDIC-insured funds.
As a community bank, we know how important it is for our customers to feel protected by who they trust with their money. Therefore, the term “Member FDIC” is so important. You might have seen the term “Member FDIC” in our social media posts or on our website, so we want to share a few things about what this membership means for you. First and foremost, Member FDIC means that if anything were to happen to your bank, such as a natural disaster or even a bank robbery, the FDIC will cover any losses. The general coverage amount for any depositor is $250,000.
FDIC insurance covers all deposit accounts, including:
- Checking accounts
- Savings accounts
- Money market deposit accounts
- Certificates of deposit
FDIC insurance does not cover other financial products and services that banks may offer, such as:
- Mutual funds
- Life insurance policies
“Allegiance Bank is an FDIC Member and has been since we opened our doors in 2007. This enables our customers to confidently place their money here, knowing they are backed by the full faith and credit of the United States Government. In addition, the FDIC oversees certain consumer protection requirements and as Senior Compliance Officer of Allegiance Bank, I ensure these laws and regulations are followed on a regular basis to provide the best customer experience to our customers.” – Paola Than, SVP, Sr. Regulatory Compliance Officer.
At Allegiance Bank, we’re proud to provide our community with safe and efficient banking solutions. If you have questions about deposit insurance, FDIC, or banking with Allegiance, a member of our team is ready to answer any of your questions. You can contact us to speak with a banker or visit any of our convenient Houston-area locations.