The goal of this guide is to provide the right
information for you to understand the three principal aspects of FDIC
How the FDIC insures
and not covered, and
How to maximize
the coverage available to you.
Let's begin by explaining how the FDIC insures your deposits. As you know, the purpose of the FDIC is to insure your money in the event that your bank fails. To accomplish this, the FDIC pays deposit insurance that covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing. The FDIC recently increased the limit to $250,000 per depositor (guaranteed permanently; click here for more information) and $250,000 for certain retirement accounts. However, there are different categories of account ownership that are outlined later in this guide that can increase your coverage beyond the standard limit.
In order to qualify for FDIC insurance, a bank must be an
FDIC-member institution. The best way to verify a bank's FDIC membership is
to check directly with the FDIC on their website.
View current financial statement for most
FDIC insured banks here