The Federal Deposit Insurance Corporation (FDIC) covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit to a maximum of $250,000 per depositor, per insured bank, for each account ownership category. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.
FDIC insurance provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. For details on those requirements, go to www.fdic.gov/deposit/deposits.
Questions About FDIC Insurance:
Q: Where is the safest place for my money?
A: The safest place for your money is in the bank. It's FDIC-insured and it's accessible.
Q: How do I know that bank deposits are safe?
A: Bank deposits are FDIC-insured. No one has ever lost a penny of an FDIC-insured deposit. FDIC insurance now covers $250,000 per depositor per insured bank.
Q: Who pays for FDIC insurance?
A: All banks pay premiums to protect depositors' accounts much like car owners pay for auto insurance. All costs of the FDIC are paid by the banking industry, not taxpayers. The U.S. Treasury acts as a backstop, if needed, but banks would be required to repay every penny.