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As Marco Island’s hometown community bank and a member of the Federal Deposit Insurance Corporation (FDIC), I would like to answer a few questions pertaining to the FDIC insurance coverage.

The FDIC was formed in 1933 to protect people from losing their life savings due to bank failures. Banks that are insured through the FDIC are one of the safest investments you can have.

The FDIC can insure significantly more than $100,000 in deposits in several ways through:

– Single accounts

– Self-directed retirement accounts

– Joint accounts

– Revocable trusts

For example, if Doug and Lisa were to open the following accounts:

Single accounts Self-directed retirement accounts Joint accounts Revocable trusts Total

Doug $100,000 $250,000 $100,000 $300,000 $750,000

Lisa $100,000 $250,000 $100,000 $300,000 $750,000

Total $200,000 $500,000 $200,000 $600,000 $1,500,000

That’s correct, in the above scenario Doug and Lisa can be insured up to $1,500,000 in one of the safest investment options you can have, an FDIC insured bank. Protecting your hard earned money is very important to us and we, at Marco Community Bank, can provide you with customized solutions to meet your banking needs.

To meet the needs of the community, we will be hosting free FDIC informational sessions from 7 until 8:30 p.m., Oct. 7 and 15, to explain in detail how the coverage works. Seating is limited, so please stop by our office at 1770 San Marco Road (same as the MICA offices) or call 389-5200 to reserve your spot. There will be an FDIC video presentation, an expert panel, and Q & A session.

To verify if your bank is insured through the FDIC, visit their Web site at fdic.com.

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Rich Storm was formerly the CEO of a multi-national receivable management company and he held leadership positions with GE’s financial services division for over 17 years.