Why We're DifferentMorganton Federal is Burke County’s only local financial Institution, serving our friends and neighbors since 1903. We are perennially ranked in the top 1% of institutions Nationwide for safety and soundness, a testament to our Conservative business principles and common sense. At Morganton Federal your money is always safe and sound. |
Phishing: Important NoticeMorganton Federal will never initiate an email asking you to submit personal information via the internet. We warn you to protect your personal information and be cautious of any email that asks you for such information.
|
FDIC Remains Financially Strong in the Face of U.S. Debt Concerns....The FDIC, an independent agency fully funded by banking industry premiums, is financially secure and has the resources it needs to protect customer deposits. Eighteen months ago banks paid to the FDIC three years of assessments -- totaling nearly $46 billion -- to assure the agency had the necessary funds to protect insured depositors. It has sufficient cash on hand today to meet its needs for the foreseeable future.
The banking industry remains committed to making sure the FDIC has the resources it needs to protect insured depositors, and this commitment is independent and unrelated to the how the debt ceiling discussions are ultimately resolved. The banking industry’s capital -- $1.53 trillion -- stands behind the FDIC to assure it remains strong.
An FDIC spokesman today confirmed the agency’s strong financial position. “The FDIC’s Deposit Insurance Fund has more than adequate liquidity, currently more than $44 billion, to meet all of our deposit insurance responsibilities,” he said. “The FDIC receives no federal tax dollars -- insured financial institutions fund the DIF.”
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.