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Financial Fitness: The Safest Place For Your Money is Still in the Bank

By James F. Brown, Jr.
President & CEO

Recent events within the financial industry may have you confused and worried about the health of your bank and the safety of your money. Please be assured, your Grandmother's days of hiding her life's savings under her mattress or in an old coffee tin in the freezer are not relevant in today's financial world. Thanks to the lessons our grandparents learned decades ago, the safest place for your money is still in the bank, and here's why.

First, banks are equipped to handle economic shifts. They are subject to strong regulation and are required to have significant capital, or a rainy-day fund, on reserve for tough economic times. This is a bank's first line of defense to cover any losses.

Second, no customer has ever lost a penny of insured deposits, even when a bank has failed. The Federal Deposit Insurance Corporation (FDIC) protects consumers from losing their money if their insured bank fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. The insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs).

To ensure funds are fully protected, depositors should understand their coverage limits. The agency has temporarily raised its coverage amount from $100,000 to $250,000 through December 31, 2009. However, there are legal and safe ways to get even more FDIC coverage depending on how you set up your accounts. Ask your banker to explain this to you.

Finally, the majority of banks are healthy. Most banks have been around for decades and are likely to be with us for many more. In the unlikely event that a bank does fail, customers continue to have uninterrupted access to their money.

Texas Gulf Bank is here to serve you, and our long-term relationship is our top priority. Texas Gulf Bank, N.A. is well prepared to ride out any economic storm, and you should know that any deposit you make with us is safe.

For more information regarding the safety and soundness of Texas Gulf Bank, please ask any of our professional staff.

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Texas Gulf Bank, N.A.  1-800-467-7216   Contact Texas Gulf Bank