FDIC Insurance Coverage
The FDIC (The Federal Deposit Insurance Corporation) is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against loss of their deposits if an insured bank fails. Any person or entity can have FDIC insurance coverage in an insured bank.
FDIC Insurance covers all types of deposits received at an insured bank, including deposits in a checking account, negotiable order of withdrawal (NOW) account, savings account, money market deposit account, (MMDA) or time deposit such as a certificate of deposit (CD). The FDIC does not insure safe deposit boxes or their contents. FDIC insurance covers depositors’ accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the insurance limit.
The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership. The FDIC refers to these different categories as “ownership categories.” This means that a bank customer who has multiple deposits may qualify for more than $250,000 insurance coverage if the customer’s accounts are deposited in different ownership categories and the requirements for each ownership category are met.
Calculate your FDIC Insurance Coverage
Go to www.fdic.gov/edie to determine what your Insurance Coverage is with EDIE the Estimator.