What is FDIC Insurance?
Your accounts are insured through the FDIC (Federal Deposit Insurance Corporation). More information on FDIC insurance is available by visiting www.fdic.gov or www.fdic.gov/edie. The Edie website has an estimator of deposit insurance coverage based on the information you input into the calculator. It also has a Frequently Asked Questions section which covers a wide variety of scenarios.
Each individual depositor is insured to at least $250,000. Additional FDIC insurance is available through account titling and designating Payable on Death (POD) beneficiaries. Generally, a depositor may be insured for separate $250,000 coverage for each individual/POD beneficiary. IRA accounts are insured to $250,000 separately from all other funds of the depositor.
What Does the FDIC Cover?
- Checking accounts.
- Savings accounts.
- Money Market deposit accounts (MMDAs).
- Certificates of Deposit (CDs).
- Negotiable order of withdrawal (NOW) account.
- Cashier's check, money orders, and other official items issued by a bank.
Learn more here.