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Banks are secure and safe and ensured by the FDIC, even during times of crisis. Brad Ray, President and CEO of Security Savings Bank, states there is no need to pull your money from your account:
“For all the banks we have here locally, we are all in good capital positions, which means we are strong, means your money is safe, and it is ensured by the FDIC on top of that. It is really kind of two lines of defense. First of all, is the bank financially viable, is it safe to get through times like this. Yes, we all are locally because we understand what each other’s financial positions are. The second line of defense then is, if for some reason a bank would fail, and the FDIC had to come in and take over, they ensure those deposits,” Ray reports.
For more information, visit http://www.fdic.gov.