Is my money safe in a bank?

PROTECTING YOUR FINANCIAL ASSETS

3/18/2020

In an age where identity theft and fraud are serious concerns, it is essential to understand the safeguards established to protect your financial assets and personal information. With Fidelity Bank’s online and mobile banking services, it has never been easier to bank when and where you want. With a click of the mouse or swipe of the finger, you can make purchases, pay bills or transfer money around the world. This level of flexibility offers not only a great deal of convenience, but also security concerns that we take very seriously.

Federal protections through FDIC

The United States Government protects you against the loss of your deposits if a bank insured with the Federal Deposit Insurance Corporation (FDIC) goes out of business. The FDIC was created out of The Banking Act of 1933 in response to rising fears of lost deposits due to the many bank failures witnessed throughout the Great Depression. Charged with identifying risks and promoting stability within the banking industry, the FDIC initially insured all bank deposits up to $2,500 in most cases of bank closure—an amount that now stands at $250,000. All deposits at Fidelity Bank are insured by the FDIC.

There are instances where the FDIC insurance allows for more than the $250,000 minimum. For instance, if John Doe and Mary Doe are married and each one has a single-name account insured up to $250,000, they would be entitled to $500,000 total coverage as a couple. Another example would be a joint account, where each account owner would be entitled to $250,000. For more information on maximizing FDIC insurance, please speak to one of our bankers by calling 1.800.658.1637.

Over time, the FDIC has expanded its authority to become the primary source for banking information and consumer financial protection. Along with its oversight responsibilities, the FDIC promotes education using community programs that teach Americans to become more knowledgeable about their finances. Check out their Money Smart financial education program for more information.

Fidelity has you covered

Like the FDIC, the Fidelity Bank team is committed to educating and protecting our customers, offering information on modern security risks related to the growth of banking technology. We utilize the most effective and up-to-date encryption technology to ensure the privacy of your personal information while accessing Fidelity Bank services. We employ financial industry best practices when it comes to procedures for accessing account information and making transactions. We are constantly making enhancements to our banking systems to safeguard your funds and information.

We also want to empower you with information. Check out the links to our Security Center to learn how to protect yourself from financial fraud.

  • IDENTITY THEFT occurs when someone steals your name and other personal information for fraudulent purposes.
  • PHISHING is the process of seeking to obtain personal information illegally through email or pop-up messages in order to deceive you into disclosing sensitive information.
  • SPYWARE are malicious programs that run undetected on personal computers and allow thieves remote access to your system or information.
  • VIRUSES embed into programs on your computer, potentially causing damage to your files.
  • FRAUD ALERTS are notifications of potentially fraudulent activity on your debit card: 
  • EMV CHIPS offer built-in security for credit and debit cards to protect you from counterfeiting.

If you have questions about the safety of your accounts, we are here to help. Call our Customer Service team at 1.800.658.1637 to talk to a Fidelity Bank representative today.

FDIC  |  fdic.gov  |  1.877.275.3342

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