Protecting Your Bank Account
October 8, 2008
The Federal Deposit Insurance Commission (FDIC), an independent agency of the federal government, recently raised its coverage limits to $250,000, including:
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.
FDIC protects against the loss of insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. Government. Since the agency was established, no depositor has ever lost even one cent of FDIC-insured funds.
If you have questions about FDIC insurance, visit www.myFDICinsurance.gov , call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.
- Single accounts (owned by one person);
- $250,00 per person Joint accounts (two or more persons);
- $250,000 per co-owner Individual Retirement Accounts;
- $250,000 per owner Trust accounts;
- $250,000 per owner per beneficiary (subject to certain limitations and requirements);
- Corporations, partnerships or unincorporated associations: $250,000 per entity
Note: These deposit insurance coverage limits refer to the total of all deposits that an account holder (or account holders) has at each FDIC-insured bank.
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.
FDIC protects against the loss of insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. Government. Since the agency was established, no depositor has ever lost even one cent of FDIC-insured funds.
If you have questions about FDIC insurance, visit www.myFDICinsurance.gov , call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.