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FDIC deposit insurance coverage
The 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.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
To ensure funds are fully protected, depositors should understand their coverage limits. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an account holder has in the same ownership categories at each FDIC-insured bank. The chart shows the standard insurance amounts for FDIC account ownership categories, and assumes that all FDIC requirements are met.
|
Ownership category |
Coverage limit |
|---|---|
|
Single accounts (owned by one person) |
$250,000 per owner |
|
Joint accounts (owned by two or more persons) |
$250,000 per co-owner |
|
IRAs and certain other retirement accounts |
$250,000 per owner |
|
Revocable Trust accounts |
$250,000 for each beneficiary up to five (more coverage available with six 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 non-contingent, ascertainable interest of each beneficiary |
|
Employee Benefit Plan accounts |
$250,000 for the non-contingent, ascertainable interest of each participant |
|
Government accounts |
$250,000 per official custodian |
|
For more detailed information from the FDIC about deposit insurance |
|
Information on FDIC insurance of merged banks
When two or more insured banks merge, the deposits from the assumed bank continue to be insured separately for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.
