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Member FDIC. What Does that Mean for You As a Customer?

As the world reacts to coronavirus (COVID-19), the FDIC’s (Federal Deposit Insurance Corporation) recent blog post reminds Americans that banks that are insured by them remain the safest place to keep money.

First Southern National Bank, is a member of the FDIC (Federal Deposit Insurance Corporation).

What does this mean for you as a customer?

Since 1933, no depositor has ever lost a penny of FDIC-insured funds. Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank. An FDIC-insured account is the safest place for consumers to keep their money. You can learn more about deposit insurance here.

During hard or unprecedented times, scams and fraud tend to become more prevalent. According to the FDIC, consumers may receive false information regarding the security of their deposits or their ability to access cash. The FDIC does not send unsolicited correspondence asking for money or sensitive personal information. The FDIC will never contact people asking for personal details, such as bank account information, credit and debit card numbers, Social Security numbers, or passwords. In addition, as your account and transactions are privileged information, First Southern National Bank will never ask for your Online Banking username or password, account number, Personal Identification Number (PIN) or Social Security number in an email.

Consumers may also be contacted by persons who claim to be employed by an agency, bank, or another entity. These scams may involve a variety of communication channels, including emails, phone calls, letters, text messages, faxes, and social media. Scammers might also ask for personal information such as bank account numbers, Social Security numbers, dates of birth, and other details that can be used to commit fraud or sell a person's identity. Consumers should not provide this information.

In addition, consumers are also encouraged to contact the FDIC's Call Center at 1-877-ASK-FDIC (1-877-275-3342), Monday – Friday, 8 a.m. to 8 p.m. (ET), if they have any questions or believe they have been a victim of fraud or a scam.

View the entire blog post as well as other resources provided from the FDIC at https://www.fdic.gov/news/news/press/2020/pr20032.html.


Jenna Walker
Communications Specialist

(606) 365-3555 Ext: 19405
Email: jwalker@fsnb.net