FDIC insurance is a type of deposit insurance that guarantees the safety of deposits made at FDIC-insured banks in case of bank failure. The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. government agency that provides insurance coverage to depositors in case their bank fails.
How FDIC Insurance Works
FDIC insurance works by protecting depositors in case their bank fails. If your bank is FDIC-insured and it fails, the FDIC will step in to cover your deposits up to the insurance limit. This means you won’t lose your money, even if your bank fails.
The FDIC insurance limit is currently $250,000 per depositor, per insured bank, for each account ownership category. This means that if you have less than $250,000 in deposits at a particular bank and that bank fails, the FDIC will cover your losses.
FDIC insurance covers many types of deposits, including:
Deposit Type |
Covered by FDIC Insurance? |
Checking accounts |
Yes |
Savings accounts |
Yes |
Money market accounts |
Yes |
Certificates of deposit (CDs) |
Yes |
Individual retirement accounts (IRAs) |
Yes |
Note that FDIC insurance only covers deposits at FDIC-insured banks. If your deposits are at a non-FDIC-insured institution, they will not be covered by FDIC insurance.
Frequently Asked Questions
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. government agency that provides deposit insurance to depositors in case their bank fails. The FDIC was created in 1933 in response to the banking crisis of the Great Depression.
What does FDIC insurance cover?
FDIC insurance covers deposits made at FDIC-insured banks, up to $250,000 per depositor, per insured bank, for each account ownership category. This includes checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs).
What is the FDIC insurance limit?
The FDIC insurance limit is currently $250,000 per depositor, per insured bank, for each account ownership category. This means that if you have less than $250,000 in deposits at a particular bank and that bank fails, the FDIC will cover your losses.
How can I tell if my bank is FDIC-insured?
You can tell if your bank is FDIC-insured by looking for the FDIC logo or by using the FDIC’s BankFind tool. BankFind allows you to search for FDIC-insured banks by name, location, or other criteria.
What happens if my bank fails?
If your bank fails, the FDIC will step in to cover your deposits up to the deposit insurance limit. This means you won’t lose your money, even if your bank fails.
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