New Deposit Insurance Limits
1) On October 3, 2008, Congress temporarily increased FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31, 2009.
2) Newtown Savings Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Deposit Insurance Coverage Summary
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To Our Customers and Communities
We're sure you're aware of the recent big-bank mergers, failures and takeovers. We know that many
Newtown Savings' customers have accounts at other banks so the recent events directly impact many
of our customers.
Although it is unpredictable how this crisis will change the banking landscape, it's clear that changes are
coming. Some banks will change their pricing along with their name changes. Many industry experts
predict that the sheer size of the few remaining big banks will give them carte blanche on their rates and
fees.
Conversely, a former Federal Reserve Bank economist reassured customers of local community banks
(similar to Newtown Savings Bank) by commenting, "From the community bank point of view, I don't
think you're going to see much change."
If you have personal or business accounts with other Banks, please consider moving them to Newtown
Savings Bank. We feature Free Personal Checking, Free Business Checking, Mobile Banking as well as
options to enjoy free ATM use at other banks.
Plus, at Newtown Savings Bank, we'll show you how to structure your accounts in order to maximize FDIC insurance. You can use the FDIC Calculator to determine your FDIC coverage for each FDIC-insured bank where you have deposit accounts. For general information regarding FDIC insurance, click here.
Newtown Savings Bank has served our community for 153 years-and we're not going anywhere. Through numerous major recessions as well as the Great Depression, we've maintained a steady, conservative approach that helps us continue to thrive. Best of all, Newtown Savings Bank has the expertise to answer your questions-personally and quickly.
Please stop in to any of our thirteen convenient branch offices, or call us at 800.461.0672.