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Now browsing: Hometown News > Business Columns > Alan Boggs

Alan Boggs
This Week | Archive

Your money is safest in the bank
Rating: 2.59 / 5 (190 votes)  
Posted: 2008 Oct 24 - 02:53

FDIC-insured Riverside Bank is reassuring bank customers that while financial woes plague Wall Street, the safest place for your money is still in the bank.

"Riverside Bank is well prepared to ride out the economic storm," explained Alan Boggs, Brevard County president. "And our customers should know that their deposits are safe. No customer has ever lost a penny of federally insured deposits."

To help customers understand the strength of the banking industry, consider the following facts:

. Banks are equipped to handle economic shifts. Banks 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. Riverside Bank meets all of the regulatory requirements of a well-capitalized bank.

. No customer has ever lost a penny in insured deposits. The FDIC protects consumers from losing their money. Even better, the agency has temporarily raised its coverage amount from $100,000 to $250,000 per depositor through Dec. 31, 2009. There are legal and safe ways to get even more FDIC coverage depending on how you set up your accounts. Ask a banker at an FDIC-insured bank how. Riverside Bank can provide FDIC coverage up to $50 million due to its membership in a network called Certificate of Deposit Account Registry Service, or CDARS. Contact a Riverside representative for details.

. The majority of banks are healthy. Most banks have been around for decades and are likely to be around for many more. Out of 8,430 banks in the country as of August 2008, only 13 (about 1/10th of 1 percent) have failed this year. In the unlikely event that a bank would fail, customers would continue to have uninterrupted access to their money.

For more information on the safety and soundness of the industry or Riverside Bank, stop by our local office or call our Customer Care Center toll-free at (800) 741-3283.

About the bank:

Since 1982, Riverside Bank has been helping people along the east coast and in the heartland of Florida manage their money and achieve financial goals through a hometown style of banking. The bank is known in the hometowns it serves for friendly service, helpful solutions and local decision-making, as well as local community involvement. Its hometown style of banking has made Riverside one of Florida's fastest-growing, independent and locally owned community banks serving customers in 41 hometowns throughout Florida.

This article was submitted by Alan Boggs, Riverside Bank President in Brevard County.

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