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Pinnacle Bank completes FDIC pilot program PDF Print E-mail

Pinnacle Bank, a participant in the model Safe Deposit Accounts Pilot Program sponsored by the Federal Deposit Insurance Corporation (FDIC), has successfully completed the one-year pilot program. Pinnacle Bank is one of only nine banks nationwide selected to participate in the pilot and is the only participating bank in the Midwest.  
Pinnacle Bank was able to open 330 electronic checking or savings accounts during 2011. These electronic accounts were opened for customers in Nebraska, Kansas and Missouri who previously had no access to basic banking services.
“We feel the Safe Account program was a success, and we will continue to offer these accounts in our market even though the pilot program has concluded,” said Mark Hesser, president of Pinnacle Bank.
The pilot deposit account program was developed by the FDIC to help banks identify best practices for offering low-cost deposit accounts targeted to underserved or unbanked consumers.
The Safe Deposit checking or savings accounts are fully electronic, FDIC-insured and have low rates and fees. Customers are provided a debit card but there are no checks, and the bank does not allow customers to overdraw their accounts.
Customers are also offered the opportunity for financial education, money transfers, bill payment and a link between the transactional and savings accounts. Small-dollar loans are also available for qualifying consumers. For more information about Pinnacle Bank’s Safe E-Checking and Safe E-Savings Accounts, contact your nearest Pinnacle Bank branch.
About Pinnacle Bancorp: Family-owned since 1938, Nebraska-based Pinnacle Bancorp is a $6.3 billion bank holding company with 121 locations in eight states, including 53 in Nebraska. For more information, visit pinnbank.com.