The FDIC was created by Congress in 1933 to make the savings of millions of Americans secure. The FDIC protects depositors' funds in the event of the financial failure of their bank or savings institution. The FDIC does not protect against losses due to fire, theft, or fraud, which are subject to other protections such as hazard and casualty insurance. FDIC also does not insure Non-Deposit Investment products (such as Stocks, Mutual Funds, and Annuities) that may be sold at a bank or savings institution.

When an institution is closed by its chartering authority, the FDIC makes payment of insured deposits to all of the failed institution's depositors as soon as possible, usually on the next business day after the closing. Those depositors who have funds in excess of the insurance limits receive the insured portion of their funds as described above. They also may receive a portion of their uninsured funds either at that time or as the assets of the failed institution are liquidated.

Mercer Savings Bank is participating in the FDIC'S Transaction Account Guarantee Program. Under that program, through December 31, 2012 all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account.  Coverage under the Transaction Account Guarantee Program is in addition to and seperate from the coverage avaiable under the FDIC'S general deposit insurance rules.

EDIE the Estimator can calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts. It lets you know in a printable report for each bank whether your deposits are within or exceed coverage limits. Click here to use EDIE now!