|
|
 |
MBT FAQ's
FDIC Insurace
1. Is my money safe at MBT?
- A lot of people are wondering about the safety of their bank deposits these days with all the upheaval of the financial markets.
Our local banks are well capitalized and use deposit funds to primarily make loans to businesses, farmers, and consumers in our local area. Community banks are common sense lenders and have not been in the subprime loan market. Most of our customers are 100% covered by FDIC insurance and "backed by the full faith and credit of the U.S. government." Every individual has $250,000 coverage under their name in checking, savings and CD's plus and additional $250,000 coverage for IRAs (Individual Retirement Accounts). Married couples can double their coverage by splitting funds under their two names. There are ways to get additional coverage by using children's names, trust accounts or joint accounts with right of survivorship. Your banker, or FDIC website www.fdic.gov/consumers , can help you determine your coverage.
The stock market has been in a downward tailspin. This is not a time to panic, but a discussion with your banker or financial advisor may be in order. There is an old saying "I'm more concerned about the return OF my money than I am about the return ON my money." In times like this, many people are feeling this way.
David L. Kingland
President/CEO
Manufacturers Bank & Trust Co.
 Ultra Checking
1. Do you have to put $25,000 in the Ultra Checking account to earn the high interest rate?
- NO! You do not need to have $25,000 to earn the "Ultra Rate" with Ultra Checking. If you meet all of the requirements each month you earn the "Ultra Rate" for that month. Being able to earn that rate is not tied to the balance. However, if you have over $25,000 in the account, and meet the monthly requirement you will earn the lower "Ultra Rate" on the balance over $25,000. So, in that case you are earning a blended rate.
Ask the Experts
|
|
