Yes, Atmos Financial deposits are FDIC insured.
Atmos Financial prioritizes the security of its customers' funds by ensuring that all deposits are protected by Federal Deposit Insurance Corporation (FDIC) insurance. This essential safeguard means that your money is safe even in the unlikely event of the partner bank's failure.
How Atmos Ensures FDIC Coverage
Atmos Financial operates by partnering with an FDIC-insured institution. Your deposits are held with Five Star Bank (NY), which is a Member FDIC bank. This setup allows Atmos to offer the same level of protection as traditional banks, providing peace of mind to its users.
Like all standard U.S. bank accounts, funds deposited with Atmos are insured up to the legal limit.
Key Details of Atmos FDIC Insurance
| Feature | Detail |
|---|---|
| Insurance Provider | Federal Deposit Insurance Corporation (FDIC) |
| Partner Bank | Five Star Bank (NY), Member FDIC |
| Coverage Limit | Up to $250,000 per customer, per insured bank, for each account ownership category |
| Purpose of Insurance | Protects against the loss of deposits in the event of a bank failure |
Understanding FDIC Protection
The FDIC is an independent agency of the U.S. government that maintains stability and public confidence in the nation's financial system. Its core function is to insure deposits and protect against bank failures. Key aspects of FDIC insurance include:
- Automatic Coverage: If your funds are held at an FDIC-insured institution, your deposits are automatically covered up to the standard limits; you do not need to apply for it.
- Broad Scope: FDIC insurance covers various deposit accounts, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs).
- Protection for Specific Scenarios: It protects against the failure of the insured bank, not against identity theft, fraud, or losses due to investment products (which are not deposits).
For more information on how Atmos ensures the security and transparency of its banking services, you can visit their official resources on financial transparency.
