What Is the FDIC?
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.
Why Is FDIC Insurance Important to You?
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. Even with these safeguards, some insured banks fail. 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.
Historically, insured deposits are available to customers of a failed bank within just a few days. Since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.
What Does the FDIC Insure?
The FDIC insures all deposits at insured banks, including checking, NOW and 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.
$250,000 Standard Deposit Insurance Amount Now Permanent
Effective July 21, 2010 with the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the basic limit on federal deposit insurance coverage was permanently increased to at least $250,000 per depositor and is retroactive to October 3, 2008.
The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. You may qualify for more than $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
If you and your family have $250,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage -- your deposits are fully insured.
For More Information from the FDIC
Call toll-free at: 1-877-ASK-FDIC (1-877-275-3342) or TTY Toll-free at 1-800-877-8339
from 8 am until 6 pm ET (Eastern Time) Monday through Friday and from 8am to 1pm ET on Saturday (excluding federal holidays)
Read more about the FDIC and how it protects your deposits at fdic.gov: Your Insured Deposits
Calculate your insurance coverage using EDIE, the FDIC's online Electronic Deposit Insurance Estimator at: www.fdic.gov/edie/index.html
Send your questions by e-mail using the FDIC's online Customer Assistance Form at: https://ask.fdic.gov/FDICCustomerAssistanceForm
Mail your questions to:
FDIC National Center for Consumer and Depositor Assistance
Consumer Response Unit
1100 Walnut St, Box #11
Kansas City, MO 64106