FDIC insurance covers traditional deposit accounts, and 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.
The information below briefly describes the various deposit products offered, the FDIC ownership categories and their applicable insurance coverage limit. For more detailed information about your specific situation, you can use the Electronic Deposit Insurance Estimator (EDIE). You can also visit the FDIC Information and Support Center to submit a request for deposit insurance coverage information or call 1-877-ASK-FDIC (1-877-275-3342) to ask any other specific deposit insurance questions.
Please Note: Not all products offered by banks are covered by FDIC insurance. Click here for more information about accounts that are not covered by FDIC deposit insurance.
The following are examples of deposit products which are insured by the FDIC
FDIC Ownership Categories
The amount of FDIC insurance coverage you may be entitled to, depends on the FDIC ownership category. This generally means the manner in which you hold your funds at the bank
Below are examples of some FDIC ownership categories, including single accounts, certain retirement accounts and employee benefit plan accounts, joint accounts, trust accounts, business accounts as well as government accounts.
A deposit account owned by one person, without named beneficiaries, including:
FDIC deposit insurance covers retirement accounts in which plan participants have the right to direct how the money is invested, including:
A deposit account owned by two or more people, without named beneficiaries. To qualify for coverage, all owners must:
A deposit account owned by one or more people that identifies one or more beneficiaries who will receive the deposits upon the death of the owner(s). This includes both formal "Living" Trusts and informal In Trust For (ITF)/ Payable on Death (POD) accounts.
A deposit account held in connection with an irrevocable trust established by statute or a written trust agreement. The owner contributes deposits or other property to the trust and gives up all power to cancel or change the trust.
A deposit of a pension plan, defined benefit plan, or other employee benefit plan that is not self-directed. An employee benefit plan account is an account representing funds of a plan where investment decisions are made by a plan administrator (not by the participants).
Deposits owned by corporations, partnerships, and unincorporated associations, including for-profit and not-for-profit organizations. The corporation, partnership, or unincorporated association must be separately organized under state law and operate primarily for some purpose other than to increase deposit insurance coverage.
Government accounts include deposit accounts owned by:
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To determine your deposit insurance coverage or ask any other specific deposit insurance questions, please visit the FDIC Information and Support Center or call 1-877-ASK-FDIC (1-877-275-3342).