§ 16521 Bank Deposit Security Requirements

• •Banks must keep extra money (10% more) as safety money with the government to protect your deposits.
• •The safety money must be in special things like bonds that the government approves.
• •If the bank hasn’t collected money from checks yet, that money doesn’t count when figuring out how much safety money is needed.

You deposit $100 in your bank account.

The bank must keep at least $110 in safe things (like bonds) with the government to protect your $100. If you deposit a check that hasn’t cleared yet, the bank doesn’t have to count that money when figuring out the safety amount.