Is my money safe?
Regardless of what is going on in the world, your deposit accounts are safest at an FDIC-insured bank like First Interstate.
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent, United States government agency. It protects you against the loss of your insured deposits and is backed by the credit of the United States government. The FDIC was established as a temporary agency as part of the Banking Act of 1933 and became a permanent agency in 1935. Since its inception, no one has lost any FDIC-insured funds.
Do I need to apply for FDIC insurance?
By opening a deposit account at a FDIC-insured bank (like First Interstate), you are automatically covered. The FDIC covers checking, savings, money market deposit accounts, and Certificates of Deposit (CDs), as well as other accounts. Standard deposit insurance covers up to $250,000 in deposits per account, however, coverage may vary based on your situation.
Will the FDIC ever reach out to me?
The FDIC does not send unsolicited correspondence asking for any personal information related to your accounts, such as account numbers, Social Security Number, passwords, credit or debit card numbers, etc., nor will they ask for money. If you receive a phone call, text, email, letter, or other means of communication from someone claiming to be a representative of the FDIC and asks for any of the above, hang up immediately. For questions, reach out to the FDIC or your banker directly.
Should I withdraw large sums of cash to keep on hand in case of a cash shortage?
It’s best to continue transacting as normal. The Federal Reserve will continue to meet the needs of banks and banking customers. Additionally, credit and debit cards will continue to operate. Withdrawing large sums of cash can make you a target for theft, and your money is not insured if it is lost or stolen.
Remember: Though our branch lobbies are temporarily closed, your money is still accessible. The drive-up lanes remain open, our ATMs are operational, and Online and Mobile Banking continue to function normally. Additionally, bankers are available to meet individually with clients. Please call your local banker or our Client Contact Center (855-342-3400) for help with any questions or concerns you may have.