FDIC - Insuring Your Deposits


FDIC Deposit Insurance Coverage

There is no need for depositors to apply for FDIC insurance or even to request it, coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or savings association. This insurance is paided for by your financial institution. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects funds depositors place in banks and savings associations. 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 ever lost a single penny of FDIC-insured funds.

FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.

On July 21,2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, which, in part, permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met.

The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an accountholder has in the same ownership category are added together and insured up to the standard insurance amount.

FDIC Deposit Insurance Coverage Limits
by account ownership category
Single Accounts
(owned by one person)
$ 250,000 per owner
Joint Accounts
(owned by two or more persons)
$ 250,000 per co-owner
Certain Retirement Accounts
(includes IRAs)
$ 250,000 per owner
Revocable Trust Accounts $ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements)
Corporation, Partnership and Unincorporated Association Accounts $ 250,000 per corporation, partnership or unincorporated association
Irrevocable Trust Accounts $ 250,000 for the non-contingent, ascertainable interest of each beneficiary
Employee Benefit Plan Accounts $ 250,000 for the non-contingent, ascertainable interest of each plan participant
Government Accounts $ 250,000 per official custodian
To calculate your deposit insurance coverage
Use the FDIC's Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.
For questions about FDIC coverage limits and requirements
Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.

The more you know about FDIC deposit insurance coverage, the safer your money.

To ensure funds are fully protected, depositors should understand their coverage limits and confirm that a financial institution is FDIC-insured.

The FDIC sign (shown below) is displayed at every FDIC-insured institution and is a symbol of confidence for depositors.

FDIC teller sign

For more information from the FDIC

Calculate insurance coverage
Use the FDIC's online Electronic Deposit Insurance Estimator at: www.fdic.gov/edie

Read more about FDIC insurance online
Visit: www.fdic.gov/deposit/deposits

Call toll-free
1-877- ASK-FDIC (1-877-275-3342)

Hearing impaired line
1-800-925-4618

Send questions by e-mail
Use the FDIC's online Customer Assistance Form at: www2.fdic.gov/starsmail

Mail questions
Federal Deposit Insurance Corporation
Attn: Deposit Insurance Outreach
550 17th Street, NW
Washington, DC 20429