FDIC Insurance



Frequently Asked Questions:

What is the FDIC?
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC's creation in 1933, no depositor has ever lost even one penny of FDIC-insured deposits.

What types of accounts are eligible for FDIC insurance?
FDIC insurance covers all deposit accounts at insured banks and savings associations, including checking, NOW (Negotiable Order of Withdrawal) accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs) up to the insurance limit.
The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank or savings association.

What are the basic FDIC coverage limits?*
Single Accounts (owned by one person with no beneficiaries): $250,000 per owner
Joint Accounts (two or more persons with no beneficiaries): $250,000 per co-owner
IRAs and other certain retirement accounts: $250,000 per owner
Revocable trust accounts: Each owner is insured up to $250,000 for each unique eligible beneficiary named or identified in the revocable trust, subject to specific limitations and requirements

*These deposit insurance coverage limits refer to the total of all deposits that account owners have at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.

Is it possible to have more than $250,000 at one insured bank and still be fully covered?
You may qualify for more than $250,000 in coverage at one insured bank or savings association if you own deposit accounts in different ownership categories. The most common account ownership categories for individual and family deposits are single accounts, joint accounts, revocable trust accounts, and certain retirement accounts.

How FDIC Insurance Works

Insurance is automatic whenever a customer opens any type of deposit account at an FDIC-insured bank or savings association, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs). Insured banks and savings associations pay the FDIC for deposit insurance coverage.

The FDIC does not insure investments in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if a customer purchases them from an FDIC-insured bank or savings association.
Additional FAQs from the FDIC are answered here

Your Insured Deposits and other deposit insurance information is located here