Standard Bank Blog

The calendar says that spring is right around the corner and with the unusually warm temperatures we are experiencing, we have a tendency to forget that there are still many days of winter left and that means winter driving conditions as well.  Many people take the time to create a weather disaster kit at home in case of power outages, etc., but don’t consider the importance of having one in their vehicle as well. 

Summer disappeared in a flash and autumn has arrived in an early display of glorious color.  The brilliant shades of red and gold are a visual reminder of the many things that we need to tend to before the harsh reality of winter sets in.

A chill in the air reminds us that we need to change the furnace filter and consider calling the HVAC specialist to make certain that the heating system is working properly before we actually need it.  There’s almost nothing more surprising than your feet hitting that ice cold floor on a Sunday morning in the discovery that the furnace quit working when it was still 70 degrees inside the house – second only to the shock you receive when you find out the cost of that Sunday emergency service call.  If you have a fireplace, this would also be the time to contact your friendly Chimney Sweep for that very important annual inspection.

Have you been to a business or social gathering in the last thirty days?  I’ll bet you dollars to donuts that some time during that activity, someone mentioned the weather.  It’s on the tip of everyone’s tongue; the heat, excessive wind & hail, the lack of rain, the condition of your yard and garden, even the crops in the fields, right?  But is anyone talking about the condition of their house?  - Probably not – but they should be.  

Unyielding heat waves and lack of rain can cause significant damage to your home.  While shingles are now designed to withstand more severe weather than just a few years ago, the average age of the roofs in the states of Illinois and Indiana is over 20 years.  Shingles that were manufactured 20 years ago even though they have a 30 year warranty are deteriorating at a much faster rate due to the excessive heat making your roof more vulnerable to damage by wind and hail.  Radiant barriers under the roofs do help in reducing this impact but are not common to older roofs.

How familiar are you with the insurance on your deposits?  Are you aware if your deposits are fully insured at your financial institution? FDIC insured money, means you cannot lose a penny, no matter what.  However, as with any insurance, there are coverage limits and requirements that must be met.  If you have more than $250,000 on deposit in the bank, you may have more, or less, deposit insurance coverage than you think.

It’s Time!  Uncover the Harley and polish the chrome until it shines.  Get your Runabout out of winter storage and check its sea worthiness from stem to stern.  Hose down the Jayco, check the tires, and call your favorite campground to reserve your spot for the season.  Oh and one last thing, call your insurance agent and review your protection for all of your recreation vehicles!

Summer adventures are right around the corner and it is important to protect all of the toys that enhance your summer fun.  Whether it is two wheeled, four wheeled or no wheels at all, your recreational vehicles need to be protected in a similar manner to your vehicles and home.

Did you know that your auto and home policies rarely provide protection for your recreational vehicles?  And if they do, it is quite limited and restrictive. 

The Home Insurance Policy serves as protection from natural disasters, weather, unexpected damages, and civil disobedience.  Should one of these events occur to you and your home, a home insurance policy will help you eliminate any significant financial burden and assist in placing you and your family back on your feet.

The three most important parts of a home insurance policy are:

• Dwelling Coverage – This covers the actual structure.
• Personal Property – This provides protection for your personal items that are not permanently attached to the home.
• Personal Liability – Provides protection against lawsuits arising from occurrences that result in a non-resident being injured on the property.

A home insurance policy can be tailored to meet your needs based on your specific situation including the addition of water backup, identity theft, home based businesses, etc.  Combining your home and auto policies with the same company can result in significant discounts for both products.

2011 was a very exciting year at Standard Bank!  We completed our first year of blogging and would like to share the top five posts of the year with you.  It was an exciting mixture of posts from Veteran's Day to paying off your mortgage early.  We hope this diverse mix of information is what you are looking for.

5. Loose Change Can Add Up To Make a Big Impact - Creative ways to save money starting with the change in your pocket

Are your deposits fully insured at your financial institution?  All Deposits in FDIC-insured institutions are insured by the federal government.  When your money is FDIC insured, you cannot lose a penny, no matter what.  However, as with any insurance, there are coverage limits and requirements that must be met.  If you have more than $250,000 on deposit in the bank, you may have more, or less, deposit insurance coverage than you think.

Do you have optional eye insurance through your employer?  Do you wonder if you are getting your money's worth?  Recently I have been wondering the same thing.  I scratched my lenses about a week ago and was therefore forced to order new lenses.  Lucky for me I was eligible for new ones on my insurance.  Unfortunately I found that it was still going to cost me a pile of money.  This is when I started doing the math and found that maybe paying for my optional eye insurance was not the smartest financial decision.

What is the FDIC?

The Federal Deposit Insurance Corporation provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank.  Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds because of a failure.

What is FDIC Insurance?

FDIC insurance protects you from losses if your bank goes sour.  When you keep money in an FDIC insured account, you won’t lose your money if the bank fails.  But, FDIC insurance is not unlimited. You can increase the FDIC insurance coverage available to you by using multiple banks.

How can I check whether my deposits are insured by FDIC?

The FDIC insures deposits in most, but not all banks. Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank. To find out if your money is insured, visit EDIE. EDIE lets consumers and bankers know, on a per-bank basis, how the insurance rules and limits apply to a depositor's specific group of deposit accounts—what's insured and what portion, if any, exceeds coverage limits at that bank.

If I have more than $250,000 at one insured bank, can I still be fully covered?

You may qualify for more than $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.