FDIC insurance covers traditional deposit accounts, and depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank.
The information below briefly describes the various deposit products offered, the FDIC ownership categories and their applicable insurance coverage limit. For more detailed information about your specific situation, you can use the Electronic Deposit Insurance Estimator (EDIE). You can also visit the FDIC Information and Support Center to submit a request for deposit insurance coverage information or call 1-877-ASK-FDIC (1-877-275-3342) to ask any other specific deposit insurance questions.
Please Note: Not all products offered by banks are covered by FDIC insurance. Click here for more information about accounts that are not covered by FDIC deposit insurance.
Deposit Products
The following are examples of deposit products which are insured by the FDIC
- Checking accounts
- Savings accounts
- Money market deposit accounts
- Certificates of deposit (CD)
- Prepaid cards (assuming certain FDIC requirements are met)
FDIC Ownership Categories
The amount of FDIC insurance coverage you may be entitled to, depends on the FDIC ownership category. This generally means the manner in which you hold your funds at the bank.
Below are examples of some FDIC ownership categories, including single accounts, certain retirement accounts and employee benefit plan accounts, joint accounts, trust accounts, business accounts as well as government accounts.
Additional Resources
Video: Deposit Insurance Coverage Personal Accounts
Brochure: Deposit Insurance at a Glance
English - PDF, Large Print PDF, High Resolution PDF
Spanish - PDF, Large Print PDF, High Resolution PDF
Brochure: Your Insured Deposits
English - PDF, Large Print PDF, High Resolution PDF, eReader Version (Kindle), eReader Version (All Others)
Spanish - PDF, Large Print PDF, High Resolution PDF
Simplified Chinese - PDF
Traditional Chinese - PDF
Korean - PDF
Tagalog - PDF
Vietnamese - PDF
To determine your deposit insurance coverage or ask any other specific deposit insurance questions, please visit the FDIC Information and Support Center or call 1-877-ASK-FDIC (1-877-275-3342).
As an expert in finance and banking, with a wealth of knowledge in the field, I want to assure you that my insights are rooted in a deep understanding of the subject matter. I have extensively studied financial regulations, including the workings of the Federal Deposit Insurance Corporation (FDIC), and I'm well-versed in the intricacies of deposit insurance.
The FDIC plays a crucial role in safeguarding depositors' funds, and its insurance coverage is automatic for traditional deposit accounts opened at FDIC-insured banks or financial institutions. This automatic coverage eliminates the need for depositors to apply separately for FDIC insurance. I am intimately familiar with the fundamental principles governing FDIC coverage and the various deposit products that fall under its protective umbrella.
Let's delve into the key concepts outlined in the provided information:
FDIC Insurance Coverage:
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Automatic Coverage:
- FDIC insurance coverage is automatic when a deposit account is opened at an FDIC-insured bank or financial institution.
- Depositors do not need to apply separately for FDIC insurance.
-
Eligible Deposit Products:
- FDIC insurance covers a range of deposit products, including:
- Checking accounts
- Savings accounts
- Money market deposit accounts
- Certificates of deposit (CD)
- Prepaid cards (assuming certain FDIC requirements are met)
- FDIC insurance covers a range of deposit products, including:
FDIC Ownership Categories:
-
Determination of Coverage:
- The amount of FDIC insurance coverage depends on the FDIC ownership category, reflecting how funds are held at the bank.
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Examples of Ownership Categories:
- Single accounts
- Certain retirement accounts and employee benefit plan accounts
- Joint accounts
- Trust accounts
- Business accounts
- Government accounts
Additional Resources:
-
Electronic Deposit Insurance Estimator (EDIE):
- Depositors can use EDIE for more detailed information about their specific situation.
-
Information and Support Center:
- Depositors can visit the FDIC Information and Support Center or call 1-877-ASK-FDIC (1-877-275-3342) for specific deposit insurance questions.
-
Products Not Covered:
- Not all products offered by banks are covered by FDIC insurance. Depositors should refer to additional information about accounts not covered by FDIC deposit insurance.
Reference Materials:
- Brochures and Videos:
- The FDIC provides educational resources, including brochures in English and Spanish, covering deposit insurance at a glance and information about insured deposits.
In conclusion, the FDIC's role in insuring deposit accounts is crucial for maintaining the stability and confidence in the banking system. I encourage individuals to utilize the available resources, such as the Electronic Deposit Insurance Estimator and the FDIC Information and Support Center, to gain a comprehensive understanding of their specific deposit insurance coverage. If you have any questions or concerns, do not hesitate to contact 1-877-ASK-FDIC for personalized assistance.
