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Officials with financial institutions serving the Kenai Peninsula say they're fielding more questions than usual these days from customers concerned that a wobbling Wall Street might savage their savings accounts.

But they also say that because most bank and credit unions are federally insured, customers should be confident their deposits are secure.

"We have had quite a few phone calls; people asking about insurance coverage," said Mercy Medley-Graham, service manager for Wells Fargo Bank's Kenai Branch. "We've assured them their accounts were OK."

Deposits at banks are insured by the Federal Deposit Insurance Corporation, which for 75 years has guaranteed depositors' savings were protected. The agency insures checking, so-called NOW accounts, and savings accounts, as well as money market deposits and certificates of deposit (CDs) up to the insurance limits.

Basic FDIC insurance covers up to $100,000 per account holder per bank. Individual Retirement Accounts (IRAs) and other retirement funds can be insured up to $250,000 per account holder, if they meet certain criteria, according to the FDIC.

The corporation does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if bought through an insured bank or savings association.

Alan Dablemont, a vice president of deposit services at First National Bank of Alaska, said his bank, too, has had more calls than usual this year, and certainly in the last couple of weeks. Organizations like the American Bankers Association have made efforts to inform the public about FDIC protections, he said.

"Ninety-eight percent of all banks are well capitalized," he said. "That means they have the financial capital to back what they are doing."

Dablemont noted that much of the recent press coverage of the financial crisis has had to do with investment banks, not commercial banks or thrift institutions.

According to the American Bankers Association, the primary purpose of investment banks is to facilitate the sale of stocks and bonds for companies seeking to raise capital. Those stocks and bonds entail investment risks. Commercial banks and thrift institutions take deposits for checking and savings accounts from consumers and businesses -- deposits that are insured.

Monday, the FDIC launched a nationwide campaign to raise awareness about deposit insurance. For answers to detailed questions about the kinds of coverage available through the FDIC and their limits visit www.fdic.gov. Click on Electronic Deposit Insurance Estimator (EDIE), then on FDIC Info.

A similar federal program run by the National Credit Union Administration (NCUA) covers credit union deposits.

Norm West, chief financial officer for Alaska USA Federal Credit Union, said his institution has also been getting calls from worried members who want more information about the current situation. Several have inquired about differences between credit unions and banks.

"Generally they either say they're happy or say they have more money to move from other institutions," West said.

Credit union tellers may be answering more questions at the counter, he said, "but the level of inquiries that rise to me is not significant."

The NCUA operates and managers the National Credit Union Share Insurance Fund, or NCUSIF, which covers all federal credit unions and a majority of state-chartered credit unions. Alaska USA is covered.

Like the FDIC, the NCUSIF insures individual accounts up to $100,000. Again, that's per person, per institution; that is, if a person has accounts in separate credit unions, each would be covered up to $100,000. Also like the FDIC, the credit union insurance covers retirement accounts.

More information can be found at the association's website at www.ncua.gov.

The NCUA and the FDIC also have insurance program rules covering joint accounts, trust accounts, and revocable and irrevocable trusts.

West said credit union members can find credit union financial statements posted monthly at their branches, and quarterly statements can be found on the NCUA website.

Banks, meanwhile, are required to file quarterly reports with the FDIC (www.fdic.gov).

While most folks appear content to leave their money in bank and credit union accounts, Medley-Graham acknowledged a few customers concerned about the financial crisis have withdrawn funds.

"I do believe there have been a couple of people who have taken their money," she said, though she wasn't certain if they took only part, or had closed their accounts. "I don't recall any one person wiping out their account," she said.

Dablemont said First National hasn't seen an unusual pattern of withdrawals.

"People come in and close accounts all the time, but they don't tell us the purpose," he said. "Everybody is looking at where they have their funds held. There are probably more people moving money too us because of the safety and security of our bank."

At State Farm Bank in Kenai, no one has sought to close an account because of the financial crisis, said staff member Lonnie Kay Brooks.

When concerns rise about the financial stability of the economy, it is probably not unusual that some people consider withdrawing funds thinking the cash would be safer stashed elsewhere. But so far that has not occurred at State Farm Bank.

"Last week we had one person who wanted to know if we were FDIC insured," Brooks said. "We are." She said State Farm was "very conservative" and doesn't put all its eggs in one basket. "We are very low key and pretty safe with investments," she said.

Banks and credit unions are prepared to answer questions about FDIC and NCUA rules and help customers set up accounts in such a way as to maximize protections.

Hal Spence can be reached at hspence@ptialaska.net.