Q: I have a document of thee FDIC. It states BMO Bank National Association (Certt#16571) what am I suppose to do with it?
A:
If you have received an FDIC certificate for BMO Bank National Association (Cert #16571), it means that your deposits with this bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law, which is currently $250,000 per depositor, per insured bank, for each account ownership category.
You don't need to do anything specific with this document. It serves as a confirmation that your deposits are protected by the FDIC in case the bank fails. The FDIC is an independent agency of the United States government that protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails.
It's a good idea to keep the document for your records, as it provides important information about your bank's FDIC coverage. However, you don't need to present this certificate to anyone or take any further action unless the bank fails and you need to file a claim with the FDIC to recover your insured deposits.
A: I recommend you post this question in the banking or another relevant section, so you can be advised properly.
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