FDIC Deposit Account Insurance

The FDIC, short for the Federal Deposit Insurance Corporation, is an independent agency of the United States government.  The FDIC 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. 

 

All FDIC-insured banks must meet high standards for financial strength and stability.  The FDIC, with other federal and state regulatory agencies, regularly reviews the operations of insured banks to ensure these standards are met.  If your insured bank fails, FDIC insurance will cover your deposits dollar for dollar, including principal and any accrued interest, up to the insurance limit.  
 

FDIC insurance covers all deposit accounts at insured banks and savings associations, including checking, NOW, 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.  

If you and your family have $250,000 or less in all of your deposit accounts at the same insured bank or savings association, you do not need to worry about your insurance coverage - your deposits are fully insured.  A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements.  In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts.    

 

For additional information, please Click Here to visit the FDIC website.