BUSINESS WIRE --Georgia Banking Company now offers their customers expanded FDIC protection on Money Market Accounts. In today’s economic climate, consumers across the nation have become aware of the value of deposits being insured by the Federal Deposit Insurance Corporation (FDIC). Normal insurance limits by the FDIC, depending on the styling of accounts by name, are largely limited to $100,000. For many savers, this insurance ceiling has been the cause of maintaining certificates of deposit and money market accounts at multiple institutions.
At Georgia Banking Company, they can insure large deposits, due to its affiliation with the M3 – Mega Money Market Account program offered by Institutional Deposits Corp (“IDC Deposits”). M3 allows banks to accept up to $5 million in money market accounts from any one retail or commercial customer.
“From a practical standpoint, M3 allows a retail or commercial customer to walk into Georgia Banking Company and place up to $5 million in a money market account, with full FDIC insurance on the account balance,” said Mr. Miller, GBC President and CEO.
“With all of the uncertainty in the financial markets, M3 provides the community bank’s customers with the assurance that their deposits are safe and secure and fully FDIC insured,” said Kimberly Weeks, President of IDC Deposits. “In addition, we recognize the need for bank customers across the nation to be able to accomplish one-stop shopping, so to speak, allowing a customer to maintain large deposits in one bank rather than spreading out those deposits among multiple banks.”
Only well capitalized banks as designated by the FDIC are allowed to participate in this Money Market program. “Georgia Banking Company is proud to be one of the 250 banks that currently participates in this network offered by IDC Deposits,” said Mr. Miller.
“By enhancing our products, we are now able to offer M3 and CDARS (an insured CD program) to our retail and commercial customers. This allows us to be a full service bank and give our customers a convenient banking experience with the peace of mind of full FDIC insurance protection for their funds,” he said.
Any current or prospective money market savers interested in learning more about the M3 program should contact the bank at (770) 226-8800.
Georgia Banking Company is a community bank located in Atlanta and Griffin, Georgia. For more information please visit www.geobanking.com or call (770) 373-2361.
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