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Perhaps the biggest question many have in the current economicclimate is their money safe in the banks?. If their bank closes,will they be out of money?
"Nothing is more safe than money in the bank," Roger Beverage saidduring Wednesday's Chamber of Commerce monthly luncheon at theBailey Education Foundation.
Beverage is the president and CEO of the Oklahoma Banker'sAssociation and assured Wednesday's crowd that all banks - nomatter if they are the biggest or the smallest - are safe todeposit your money in.
Beverage said even if a bank fails, a depositor's money is safethanks to the Federal Deposit Insurance Corporation (FDIC), whichprovides deposit insurance and guarantees checking and savingsdeposits in member banks for up to $100,000.
The FDIC was created in 1933.
"No one has ever lost a dime with a FDIC insured bank account,"Beverage said. "You have nothing to worry about."Most depositors in Oklahoma, especially Oklahoma City, remember thefamous collapse of Penn Square Bank in July 1982. Penn Square Bankmade numerous high risk energy loans. Those lending practices ledto the decline of the bank. Soon after the collapse, the FDIC tookover the bank, which insured that all of its depositor's wouldstill have their money.
However, a panic mode set in and most of Penn Square's depositor'sstood in long lines to withdraw their money. Beverage said thosedepositor's were not well educated on how the FDIC works.
Twenty-six years later, Beverage said history will not repeatitself. "A situation like Penn Square will never happen again. Andeven if it does, you are not going to lose a dime with the FDIC."
Despite the guarantee, Beverage said the media coverage has helpedfan the flames of doubt for many depositors.
"I understand the media's need to get people's attention. But whatmany media outlets need to do is get some folks on there and knowwhat the hell they are talking about," Beverage said. "Some ofthese reporters obviously don't understand the financial servicesbusiness and they don't understand the FDIC insurance at all."
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