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01.25.2010 / Rest Assured, Your Accounts are Protected!

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in FDIC-insured institutions. FDIC deposit insurance is backed by the credit of the United States government.

"The standard maximum insurance limits for both FDIC and NCUA-insured accounts will remain at $250,000 until December 31, 2013."

The FDIC was created in 1933 to promote public confidence and stability in the nations banking system. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.*

What are the current coverage limits?
The standard maximum insurance limits for both FDIC and National Credit Union Administration (NCUA) insured accounts will remain $250,000 until December 31, 2013. Previously, it was temporarily increased from $100,000 to $250,000 only until December 31, 2009. The extension was included as part of the Helping Families Save Their Homes Act, which was signed into law on May 20, 2009.

Do I need to apply for FDIC insurance?
No, there is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic on funds in deposit accounts with insured banks, which includes IRAs.

Does FDIC insurance cover other financial products that insured banks offer?
No, FDIC insurance does not cover other products offered by an insured bank. For example: stocks, bonds, mutual funds, life insurance, annuities, securities, etc. are not insured by the FDIC.

How do I know my coverage limits?
To ensure funds are fully protected, depositors should understand their coverage limits. To learn more on the FDIC coverage limits go to www.fdic.gov/deposit/deposits.


FDIC Deposit Insurance Coverage Limits (Through December 31, 2013)**

Single Accounts- (owned by one person) $250,000 per owner

Joint Accounts- (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 beneficiary up to 5 beneficiaries (more coverage is available with 6 or more beneficiaries subject to specific limitations and requirements)

Corporation, Partnership and Unincorporated Association Accounts- $250,000 per corporation, partnership or unincorporated association

Irrevocable Trust Accounts- $250,000 for the non-contingent, ascertainable interest of each beneficiary

Employee Benefit Plan Accounts- $250,000 for the non-contingent, ascertainable interest of each plan participant

Government Accounts- $250,000 per official custodian


Keep in mind, the coverage limits above refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured institution.

You can also calculate your insurance coverage using the FDIC’s Electronic Deposit Insurance Estimator at www.myFDICinsurance.gov. Or for questions about FDIC coverage, call toll-free 1-877-ASK-FDIC or ask a representative at your bank.

*Sources FDIC.gov

** http://www.fdic.gov/deposit/deposits/dis/print/dis_english.pdf

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