(KCPW News) Given the tough economic times Utahns face, Zions Bank has announced it will continue to participate in an FDIC program that insures 100 percent of customers' money in non-interest bearing accounts. The Temporary Liquidity Guarantee Program protects individuals and businesses that have accounts larger than the FDIC's standard limit of $250,000 dollars. Zions Bank Vice President Rob Brough says the bank extended the program solely for its customers.
"It helps bring additional peace of mind to businesses and individuals who have balances that exceed the previously insured amounts. And we really want all of our business and personal customers to feel at ease by having access to the most comprehensive protections that are being offered by the government at this time," Brough said.
Zions Bank first enrolled in the full coverage program after the FDIC offered it to banks for thirty days in mid-October. It will now extend it through December 2009.
Brough says this decision was not made because of uncertainty about the bank's future.
"Well, these are certainly uncertain economic times and we believe that it is worth paying the additional just to provide them that added level of comfort knowing that their money if safe. They should have every confidence that Zions Bank is safe and secure. We are very well managed and have positioned ourselves well to weather this economic storm, but again we believe that this additional money in premiums is money well spent to provide our customers with that additional piece of mind," Brough said.
The FDIC has a website where you can calculate how much your money is insured for based on the types of bank accounts you have and how much money is in them. Click here to visit the site.