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Deposit Insurance

Deposit Insurance At A Glance

Last Updated: March 8, 2022

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Important Update!

All the rules discussed in this brochure are current through March 31, 2024. The rules for revocable trust accounts (including formal trusts, POD/ITF) and irrevocable trust accounts discussed in this brochure will change on April 1, 2024. For most trust depositors (those with less than $1,250,000), the FDIC expects the coverage levels to be unchanged. Changes to the rules for mortgage servicing accounts will also take effect on April 1, 2024. You can learn more about the new changes by reviewing this fact sheet (PDF). In addition, we suggest depositors and bankers review the new rules when considering opening large trust deposits in accounts with maturities beyond April 1, 2024.

Questions?

You can submit your inquiry using the FDIC Information and Support Center.
You can also call the FDIC at (877) 275-3342 or (877) ASK-FDIC.
For the hearing impaired call (800) 877-8339.

Deposit Insurance at a Glance

Since 1933, the FDIC seal has symbolized the safety and security of our nation's financial institutions. FDIC deposit insurance enables consumers to confidently place their money at thousands of FDIC-insured banks across the country, and is backed by the full faith and credit of the United States government.

FDIC Deposit Insurance

Since 1933, the FDIC seal has symbolized the safety and security of our nation's financial institutions. FDIC deposit insurance enables consumers to confidently place their money at thousands of FDIC insured banks across the country, and is backed by the full faith and credit of the United States government.

FDIC deposit insurance coverage depends on two things: (1) whether your chosen financial product is a deposit product; and (2) whether your bank is FDIC-insured.

The FDIC covers

  • Checking accounts
  • Negotiable Order of Withdrawal (NOW) accounts
  • Savings accounts
  • Money Market Deposit Accounts (MMDAs)
  • Time deposits such as certificates of deposit (CDs)
  • Cashier's checks, money orders, and other official items ssued by a bank

The FDIC does not cover

  • Stock investments
  • Bond investments
  • Mutual funds
  • Life insurance policies
  • Annuities
  • Municipal securities
  • Safe deposit boxes or their contents
  • U.S. Treasury bills, bonds or notes

Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank.

COVERAGE LIMITS

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.

All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.

WHEN A BANK FAILS

A bank failure is the closing of a bank by a federal or state banking regulatory agency, generally resulting from a bank's inability to meet its obligations to depositors and others. In the unlikely event of a bank failure, the FDIC acts quickly to ensure depositors get prompt access to their insured deposits.

FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.

The FDIC acts in two capacities following a bank failure:

  1. As the "Insurer" of the bank's deposits, the FDIC pays deposit insurance to the depositors up to the insurance limit.
  2. As the "Receiver" of the failed bank, the FDIC assumes the task of collecting and selling the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit.
FDIC Deposit Insurance Coverage Limits by Account Ownership Category
Single Accounts (Owned by One Person) $250,000 per owner
Joint Accounts (Owned by Two or More Persons) $250,000 per co-owner
Certain Retirement Accounts (Includes IRAs) $250,000 per owner
Revocable Trust Accounts $250,000 per owner per unique beneficiary
Corporation, Partnership and Unincorporated Association Accounts $250,000 per corporation, partnership or unincorporated association
Irrevocable Trust Accounts $250,000 for the noncontingent interest of each unique beneficiary
Employee Benefit Plan Accounts $250,000 for the noncontingent interest of each plan participant
Government Accounts $250,000 per official custodian (more coverage available subject to specific conditions)

For More Information from the FDIC

Call toll-free
1-877-ASK-FDIC (1-877-275-3342)

Hearing impaired line
1-800-925-4618

Calculate insurance coverage
Use the FDIC's online Electronic Deposit Insurance Estimator (EDIE) at: https://edie.fdic.gov

Read more about FDIC insurance online at:
www.fdic.gov/deposit

View frequently asked questions on deposit insurance coverage at:
www.fdic.gov/deposit/deposits

Order FDIC deposit insurance products online at:
https://catalog.fdic.gov/

Send deposit insurance questions by e-mail
Use the FDIC's online Deposit Insurance Form located at: FDIC Information and Support Center

Mail questions
Federal Deposit Insurance Corporation
Attn: Deposit Insurance Unit
550 17th Street, NW
Washington, DC 20429