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FDIC Deposit Insurance Simplification Fact Sheet
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 full faith and credit of the United States government.
Since the FDIC was established in 1933, no depositor has ever lost a
single penny of FDIC-insured funds.
There is no need for
depositors to apply for FDIC insurance or even to request it; coverage
is automatic. FDIC insurance covers funds in deposit accounts, including
checking and savings accounts, money market deposit accounts and
certificates of deposit. FDIC insurance does not cover other financial
products that insured banks may offer, such as stocks, bonds, mutual
fund shares, life insurance policies, annuities or municipal securities.
The standard insurance amount currently is $250,000 per
depositor. The $250,000 limit is permanent for IRAs and other certain
retirement accounts. The $250,000 limit is temporary for all other
deposit accounts through December 31, 2013. On January 1, 2014, the
standard insurance amount will return to $100,000 per depositor for all
account categories except IRAs and other certain retirement accounts,
which will remain at $250,000 per depositor.
To ensure
funds are fully protected, depositors should understand their coverage
limits. The FDIC provides separate coverage for deposits held in
different account ownership categories. The coverage limits shown in the
chart below refer to the total of all deposits that an accountholder has
in the same ownership categories at each FDIC-insured institution. The
chart below assumes that all FDIC requirements are met (for details on
the requirements, 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 |
| IRAs and other Certain Retirement Accounts |
$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 |
You can calculate your insurance coverage using the FDIC's Electronic
Deposit Insurance Estimator at www.myfdicinsurance.gov. For questions
about FDIC coverage, call toll-free 1-877-ASK-FDIC or call our Customer
Relationship Representative at one of our branch locations nearest you
for more information.
*Unlimited deposit insurance coverage for noninterest-bearing
transaction accounts (as defined in 12 C.F.R Part 370) at institutions
participating in the FDIC’s Transaction Account Guarantee Program is
available through December 31, 2009. The extension of the temporary
standard insurance amount of $250,000 through 2013 does not apply to the
Transaction Account Guarantee Program.
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