Large Deposit Insurance
possible to insure larger sums of money while still
maintaining your current banking relationship?
At First Carolina Bank, we offer multiple options to allow our customers to do just that.
How do these large deposit insurance options work?
We can provide FDIC insurance on deposits greater than $250,000 by dividing your funds into deposits below that threshold at multiple FDIC-insured institutions that are part of a trusted network.
You will still receive all account support through your First Carolina Bank bankers, and all account balances are easily viewable through your First Carolina online banking.
Additionally, we automated the sweep process for certain accounts such that when your balance surpasses the $250,000 mark, the excess funds will automatically sweep into a different account. This way, you can take the guesswork out of insuring your funds!
Additional FAQs
It depends on your needs. We have demand deposit and money market account options in addition to CD-based products. So, if you'd like more consistent access to the money, plan on looking at demand deposit and money market equivalents, but if you're comfortable setting it aside for a longer period of time, a CD-based selection is a great option.
Aside from the security of the program and the simplicity of working with just First Carolina Bank, it's important to note that the interest rates for these accounts are set by us and not another institution. Also, making your deposit through First Carolina enables us to use the full amount of the funds to reinvest in the communities we serve.
