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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

FDIC Consumer News - Summer 2018
25th Anniversary Edition

[2008] How to Be Sure You're Fully Protected

Excerpted and updated from “How to Be Sure You're Fully Protected by the FDIC,” Fall 2008.

In 85 years, no one has lost a penny of FDIC-insured deposits. You don't need to worry about the safety of your money if you have deposits at one bank totaling less than the basic FDIC coverage limit of $250,000. If your deposits exceed the coverage limit, or if you're just not sure about how much of your money is protected, consider these steps.

Use “EDIE” the FDIC deposit insurance estimator. EDIE will help you understand if you have funds over the insurance limits.

When in doubt, contact the FDIC for additional assistance. You can call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342).  Specialists are available 8:00 a.m. to 8:00 p.m., Eastern Time, Monday through Friday. If you are a person who is deaf or hard-of-hearing, call 1-800-925-4618. We also have deposit insurance brochures, videos and other materials online.

If your deposits are over the FDIC insurance limit, consider your options. One possibility is to divide the funds among the various ownership categories (single accounts, joint accounts, revocable trust accounts, retirement accounts, and so on) at the same institution, because deposits in separate insurance categories are separately insured. But changing accounts is something you need to think about carefully because, for example, moving some money from a single account into a joint account with someone else means that you are giving that other person legal ownership of the money. Before finalizing your plans, consider discussing them with your attorney, accountant or another trusted advisor. A second option for insuring funds that are over the FDIC's limit is to move some money to accounts at other insured institutions. This option works well for people who don't want, or don't qualify for, other ownership categories at their existing bank.

Periodically review your insurance coverage. Here are suggestions for when to take a closer look: