Steph Melgaard
Retail Banking Director
steph.melgaard@border.bank
701-630-2629

It can be common for customers with larger deposit balances to wonder about options to ensure their funds are protected. While Border Bank prioritizes sound practices and conservative balance sheet management overall, we also understand our customer’s desire for peace of mind that comes with full coverage and have options available to suit different customers and relationship balances.

Most depositors are familiar with the Federal Deposit Insurance Company (FDIC), an independent agency created by Congress to maintain stability and public confidence in the nation’s financial system. The FDIC insures deposits as well as examining and supervising financial institutions for safety, soundness, and consumer protection. Border Bank is an FDIC member which allows our customers to enjoy the safety and security of their deposits up to their defined coverage maximums.

Federal deposit insurance covers a maximum of $250,000 on a single account owned by one person with no beneficiaries. Additionally, you may qualify for more than $250,000 in coverage at Border Bank if you own different types of deposit accounts in different ownership categories. The most common account ownership categories for individual and family deposits are single accounts, joint accounts, revocable trust accounts, and certain retirement accounts. The FDIC offers a helpful tool called the Electronic Deposit Insurance Calculator or ‘EDIE’ that can assist consumers in calculating their coverage based on their specific scenario. 

For customers who are looking for deposit coverage beyond FDIC limits at Border Bank but want the ease and convenience of managing all their deposits through one bank, we offer a product through the IntraFi network called Certificate of Deposit Account Registry Service or ‘CDARS.’ How does it work? Your large deposit is broken into smaller amounts and placed with other banks within the network. Then, those banks issue CDs in amounts under the standard FDIC insurance maximum, so your full investment is eligible for FDIC protection. You receive a bank statement every month from Border Bank that details your deposits that are insured through CDARS. It really is that easy!

For assistance determining your FDIC coverage levels or more information on CDARS, please reach out to any of our Relationship Bankers or your account officer.