Bank News and Updates

Tips on FDIC Insurance During COVID-19 Pandemic

Tips on FDIC Insurance During COVID-19 Pandemic

March 24, 2020 

Contact: Erica Mostek


Wheatland Bank Provides Depositors Security and
Offers Tips on FDIC Insurance During COVID-19 Pandemic


(Spokane, WA) - Wheatland Bank, a locally-owned community bank, recognized nationally by BauerFinancial, Inc., the nation’s leading independent bank rating firm, as a 5-Star Exceptional Performance Superior-rated Bank for over 50 consecutive quarters, and one of the strongest banks in the nation, wants to reassure depositors that their deposits are safe and readily available.  Businesses and consumers alike can rest assured that their deposits are insured by the Federal Deposit Insurance Corporation (FDIC) and are safe in their local community bank. 

“Wheatland Bank has been serving the communities of eastern Washington for the past forty years, and managed through the turbulent times of the Great Recession, without ever losing its profitability, sound financial position or its 5-Star Superior Rating,” stated Susan M. Horton, President and CEO of Wheatland Bank.  “Due to the advance preparations in establishing Wheatland’s Pandemic Preparedness Plan, prior to the COVID-19 Pandemic, and the continued strength and stability of the Bank, we are very well positioned to work with our customers and communities, just as we have through previous economic downturns,” said Horton.

Wheatland Bank stands ready to lend support to the local businesses and individuals in the communities they serve to help get them through the COVID-19 economic downturn. “We will help get our local communities through these unprecedented and uncertain times with special loan assistance programs, flexibility with existing borrowers and by providing uninterrupted full financial services as an essential community bank,” said Horton. 

“As a federally-insured community bank, we also want to help depositors understand the facts when it comes to their money,” said Horton.  “The basic coverage for deposits in an FDIC-insured bank is currently up to $250,000 per depositor and $250,000 per owner for certain retirement accounts, but the FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership that allow a customer to have more than $250,000 insured at the same bank.” 

Some basic examples of how depositors can expand their coverage beyond $250,000 include:

  • Accounts owned by a single person are separately insured from joint accounts or retirement accounts owned by that person.
  • Two individuals can each have $250,000 insured in separate accounts with one name each and have another $500,000 insured in an account that bears both their names.

In addition, revocable Payable on Death (POD)* accounts are another option that allow customers to expand beyond $250,000 in the same bank. For example, all of the following accounts could be insured for one couple at one community bank:

  • John Doe, POD to Jane Doe: $250,000
  • Jane Doe, POD to John Doe: $250,000
  • John and Jane Doe, POD to Baby Doe 1, Baby Doe 2, and Baby Doe 3: $750,000
  • John and Jane Doe, POD to Grandchild Doe 1, Grandchild Doe 2, and Grandchild Doe 3: $750,000


“Wheatland Bank customers can bank with confidence knowing their money is safe because it is insured by the FDIC and held in a well-capitalized and well-regulated institution,” said Horton. “As we were recently reminded, since the FDIC was founded in 1933, no one has ever lost a penny of FDIC-insured funds.”

The FDIC is the best source for tools to determine deposit insurance coverage, including an online Electronic Deposit Insurance Estimator that can be found on the FDIC’s website at  

*This is a brief summary of some of the FDIC deposit insurance rules. Depositors should consult with their legal advisers and with the FDIC website ( prior to establishing different bank accounts or changing the title of an existing bank account to maximize deposit insurance.

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About Wheatland Bank

Wheatland Bank is a locally owned independent community bank headquartered in Spokane, Washington. Wheatland Bank’s commitment to eastern and central Washington is strong and has deep roots.  It’s a commitment that is kept alive with powerful local ownership, leadership and decision-making.  Over the past 40 years, Wheatland Bank has grown through organic and diversified expansion with 14 branches throughout eastern and central Washington, serving nearly 16,000 customers.  Wheatland Bank focuses on helping businesses, farmers, ranchers and consumers succeed by offering the highest quality personalized banking relationships and customized lending, banking, residential lending and wealth management services.  A strong independent reflection of Wheatland Bank’s continued success is the fact that Wheatland Bank has earned the coveted 5-Star Superior rating from BauerFinancial, Inc., the nation’s leading independent bank rating firm for 13 consecutive years putting it in an even more prominent position as an “Exceptional Performance Bank”.  The designation is reserved for those banks securing a 5-Star rating for 40 consecutive quarters of longer.  To learn more about Wheatland Bank, visit us online at