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Banks Closed in Cyprus – Missoula Bank President Says American Deposits Are Safe [AUDIO]

stack on money
photo courtesy if iStockphoto/thinkstock.com

An article published by Reuters news agency states that banks in the island country of Cyprus will remain closed until Thursday to approve a levy by government on personal bank deposits. The drain on accounts led to a run on local banks and trouble in European and American financial markets.

Many are asking if the same kinds of levies could be exacted by the U.S. government on personal bank accounts to help balance the budget in this country.

President of Missoula’s First Security Bank, Scott Burke, said the banking industry in this country is heavily regulated, and the FDIC (Federal Deposit Insurance Corporation) protects depositors up to $250,000 in losses if a bank might become insolvent.

Burke said the banking industries in Europe and America work within different rules and regulations. He said Americans can have confidence that their deposits are safe in their local banks and financial institutions.

1st Security bank President Scott Burke

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