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 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.
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 only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.
Basic FDIC Deposit Insurance Coverage Limits*
by account ownership category
Single Accounts (owned by one person) $250,000 per owner
Joint Accounts (two or more persons) $250,000 per co-owner
Certain Retirement Accounts $250,000 per owner
Revocable Trust Accounts $250,000 per owner per beneficiary
up to 5 beneficiaries (more coverage
available with 6 or more beneficiaries
subject to specific limitations and
Corporation, Partnership and $250,000 per corporation,partnership
Unincorporated Association Accounts or unincorporated association
Irrevocable Trust Accounts $250,000 for the non-contingent,
ascertainable interest of each
Employee Benefit Plan Accounts $250,000 for the non-contingent,
ascertainable interest of each plan
Government Accounts $250,000 per official custodian
*Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully-insured, regardless of the amount in the account, at all FDIC-insured institutions.
To calculate your deposit insurance coverage
For questions about FDIC coverage limits and requirements
Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov
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