What is FDIC Insurance?
FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost one penny of FDIC-insured accounts.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
Are my deposit accounts insured by the FDIC?
FDIC insurance covers traditional deposit accounts, and depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank.
Can I check to see if my accounts are fully covered?
Yes. You can get detailed information about your specific deposit insurance coverage by accessing the FDIC's Electronic Deposit Insurance Estimator (EDIE) and entering information about your accounts. You can also call the FDIC at 1-877-ASK-FDIC (1-877-275-3342) and an FDIC deposit insurance specialist will help you calculate your deposit insurance coverage.
The following are examples of deposit products which are insured by the FDIC:
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Certificates of Deposit (CD)