Deposit Security FAQs
Does Busey have anything to do with Silicon Valley Bank or Signature Bank?
Busey Bank is not affiliated with Silicon Valley Bank or Signature Bank.
At Busey, we have a very different strategy when managing the deposits of our customers than Silicon Valley Bank or Signature Bank, so we are not impacted by their same challenges. To learn more about our approach, please read this message from Robin Elliott, President & CEO, on Busey’s strength and security, originally sent to customers on March 13.
What percentage of total deposits are fully insured?
More than 75% of all Busey Bank depositors are fully insured.
How do I know if my deposits are insured?
As a member of the Federal Deposit Insurance Corporation (FDIC), Busey consumer and commercial deposits are FDIC-insured and safe.
The FDIC protects up to $250,000 per depositor, per insured bank for each ownership category. FDIC insurance covers the following account types: checking, savings, money market (MMA) and negotiable order of withdrawal (NOW) accounts, certificates of deposit (CDs), cashiers’ checks, money orders and other official items issued by the bank. Visit the FDIC website for more information.
Do I need to be worried?
As a customer of Busey, you can rest assured knowing funds are safe and available to you when you need them. We have sufficient funds in easily accessible investments if customers were to withdraw funds. We are in the top quartile of banks as it relates to insured deposits percentages and over 97% of our deposits are core deposits. Our financial strength is built on a sound business strategy of conservative banking, and the quality of our deposit franchise is a core asset of our institution.