FDIC Deposit Insurance Coverage
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 FDICinsured
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 deposit insurance coverage
limits. The FDIC provides separate insurance coverage for deposits held in different ownership
categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and
trust accounts.
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 |
| Trust Accounts |
$250,000 per owner per beneficiary subject to specific limitations and requirements** |
All non-interest bearing transaction deposit accounts at an FDIC-insured institution, including all personal and business checking deposit accounts that do not earn interest, are fully insured for the entire amount in the deposit account. This unlimited insurance coverage is temporary and will remain in effect for participating institutions until December 31, 2009.
For more information visit: fdic.gov/news/news/press/2008/pr08100.html
* These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or
accountholders) has at each FDIC-insured bank. The listing above shows only the most common
ownership categories that apply to individual and family deposits, and assumes that all FDIC
requirements are met.
** The legislation authorizing the increase in deposit insurance coverage limits makes the change
effective October 3, 2008, through December 31, 2013.
If you have questions about FDIC coverage limits and requirements, please visit
myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.