maxsafeaccount.com

Overview of MaxSafe

With fifteen separate community banks in Illinois and Wisconsin, we are able to combine FDIC insurance protection to offer fifteen times the usual amount of coverage. A custody account from our affiliate, Wayne Hummer Trust Company, N.A., is opened via a MaxSafe professional, and funds are deposited on your behalf across those fifteen banks. You will receive a single consolidated statement and one document at the end of the year for tax reporting purposes, yet have the FDIC insurance coverage equal to having your money on deposit at 15 individually chartered banks.

All banks in the MaxSafe Program are deemed "well-capitalized" by the Federal Deposit Insurance Corporation and other government regulatory agencies. Each insured bank in the MaxSafe program has full FDIC insurance coverage and are members FDIC.

A minimum of $100,000 is required to open a MaxSafe Certificate of Deposit. A minimum of $1,000 is required to open a MaxSafe Money Market Account or MaxSafe Commercial (business) Money Market Account. To avoid service charges, a minimum balance of $150,000 for a MaxSafe Money Market Account and $250,000 for a MaxSafe Commercial (business) Money Market Account is required. A new account agreement and a custody agreement are needed to establish the account. You will be provided a statement listing the total balance on deposit in your MaxSafe account. The last page of the statement will provide a breakdown of what funds are on deposit at which banks. Custody services are provided by our affiliate, Wayne Hummer Trust Co., N.A.