The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.
FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.
There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.
To ensure funds are fully protected, depositors should understand their coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank. The chart shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.
Basic FDIC Deposit Insurance Coverage Limits
Single Accounts (owned by one person)
$250,000 per owner
|Joint Accounts (two or more persons)
||$250,000 per co-owner
|IRAs and certain other retirement accounts
||$250,000 per owner|
$250,000 per owner per beneficiary subject to specific limitations and requirements
|Corporation, Partnership and Unincorporated Association Accounts
||$250,000 per corporation, partnership or unincorporated association
|Employee Benefit Plan Accounts
||$250,000 for the non-contingent, ascertainable interest of each participant
||$250,000 per official custodian
For more information about FDIC insurance coverage, visit www.fdic.gov. If you have questions about FDIC coverage limits and requirements, visit https://edie.fdic.gov/index.html, call toll-free (877) ASK-FDIC, or ask a bank representative.
Electronic Deposit Insurance Estimator (EDIE)
The FDIC has provided an online Electronic Deposit Insurance Estimator (EDIE). Once you've accessed EDIE, you can choose between two options:
- Determine if you have adequate deposit insurance for the accounts you have at a single FDIC-insured financial institution.
- Estimate the deposit insurance coverage you have for all your Personal Accounts, including Sole Proprietorship Accounts at a single financial institution.
Click on the link to calculate your coverage with EDIE: https://edie.fdic.gov/index.html.