Understanding Deposit Insurance

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.

FDIC insurance covers all deposit accounts, including:

  • Checking accounts
  • Savings accounts
  • Money market deposit accounts
  • Certificates of deposit

FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

Additional information on deposit insurance coverage was provided in June 2014 during an in-person training session. The following resources may be used in addition to the Guide:

 

 

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Our goal is to provide the responsible financial products our customers and the under-banked need to create jobs, promote small businesses, support nonprofits and other opportunities that build better lives and vibrant neighborhoods.

- William Farrow
Former President and CEO, Urban Partnership Bank