FDIC Insurance

Not all banks are created equal, FDIC Insurance matters

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government. They protect the money you deposit into banks.

Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds,” (FDIC)

You can determine if a financial institution is FDIC insured by visiting the FDIC website and using the FDIC BankFind tool.

FDIC insurance applies to the following account types:

FDIC insurance does not cover other financial products and services the banks offer such as:

  • Stocks
  • Bonds
  • Mutual Funds
  • Life Insurance Policies
  • Annuities or Securities

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. Depositors can gain additional insurance by having qualifying accounts under different ownership categories.

Some of the most common ownership categories are:

  • Single Accounts
  • Joint Accounts
  • Revocable Trust Accounts

A Single Account is a deposit account owned by one person without any named beneficiaries. The coverage limit on a Single Account is $250,000 per owner.

A Joint Account is a deposit account owned by two or more people without any named beneficiaries. The coverage limit for a Joint Account is $250,000 per co-owner.

A Revocable Trust Account is a deposit account owned by one or more individuals that name one or more beneficiaries who will receive the deposits upon the death of the account owner(s). This includes both formal trust accounts and informal POD (Payable on Death) accounts. Each account owner is insured $250,000 for each unique beneficiary for up to five beneficiaries.

Did you know that you can get help with calculating your FDIC coverage? You can find out how much FDIC coverage you have by using the EDIE calculator found on the FDIC’s website.