With the federal government “shut down” for an undetermined amount of time, consumers are likely to have concerns about access to their money and other banking services. To assuage those concerns, the Indiana Bankers Association assures clients that bank deposits are safe and banks will continue to operate during normal business hours. ATMs are still open, and deposits remain insured by the Federal Deposit Insurance Corporation up to $250,000. According to an IBA press release, this insurance is unaffected by the shutdown because it is paid for by banks, not taxpayer money.
State Representative Tom DermodyA state representative whose district includes portions of the WKVI listening area was recently honored as the 2013 Legislator of the Year by the Indiana Bankers Association. Representative Tom Dermody, R-LaPorte, was honored during the association’s recent annual convention for his role in passing a bill to reduce the Financial Institutions Tax and protect the Public Deposit Insurance Fund. Indiana banks pay into the fund, which protects local taxpayers. Dermody said in a statement he’s “honored to receive the IBA’s Legislator of the Year Award” for his work in “sensibly lowering Hoosiers’ taxes.”
