The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.

Deposit insurance covers funds in deposit accounts, including checking, NOW and savings accounts, money market deposit accounts and certificates of deposit (CDs) up to the insurance limits. There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.

Keeping within FDIC insurance limits.

If you and your family have $250,000 or less in all of your deposit accounts at the same insured bank or savings association, you do not need to worry about your insurance coverage — your deposits are fully insured. A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts. 

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 above chart refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank. The chart shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.

For questions about FDIC coverage limits and requirements, as well as tools that let you estimate your FDIC insurance coverage, visit the FDIC’s Deposit Insurance web site. You can also call 1-877-ASK-FDIC, toll-free.