How does AAFS provide five times the standard in FDIC Insurance?
As a division of a Western Alliance Bancorporation (WAL) affiliate, AAFS has the ability to insure deposits at each of the five banks under the WAL umbrella. Each of these five banks can be a deposit holder for a community association and provide independent FDIC insurance, allowing an association to receive five times the standard FDIC coverage. It is important to recognize the increase of FDIC insurance to $250,000.00 is temporary and is scheduled to end on December 31, 2009. AAFS encourages community management companies and associations to build a financial management strategy that anticipates this decrease in FDIC coverage.
