FDIC Insurance

FDIC Insurance Overview

What does it mean to you?

With banks and the economy in the news so much lately, you may be thinking more about the safety of your money. The information below explains the changes and provides frequently asked questions to help you better understand FDIC insurance coverage.

Important FDIC Information

The standard insurance amount on federal deposit insurance coverage is $250,000 per depositor.
  • But as always, a depositor may qualify for more than the basic insurance coverage at one insured bank because the FDIC provides separate insurance coverage for deposits held in different "ownership categories," such as single and joint accounts.

The FDIC has eased the rule governing "revocable trust accounts" that pass to named beneficiaries when the account owner dies.
  • No longer does the FDIC consider only the account owner's spouse, child, grandchild, parent or sibling as "qualifying beneficiaries" for additional insurance coverage ($250,000 if there is one beneficiary, $500,000 if there are two, and so on). Now, an account owner can name any person or charity as a beneficiary and the owner will qualify for the additional deposit insurance coverage.

What is insured by the FDIC?

  • If a depositor's accounts at one FDIC-insured bank or savings association total $250,000 or less, the 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.
  • To help you meet these requirements use "EDIE," the FDIC's online deposit insurance estimator. EDIE will help you understand if you have funds over the insurance limits. Find it at www.FDIC.gov/EDIE.

Additional Information



The information provided in this document is presented in a non-technical way and is not intended to be a legal interpretation of the FDIC's laws and regulations on insurance coverage. For greater detail concerning the technical aspects of insurance coverage, depositors or their counsel may wish to consult the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) and the FDIC's regulations relating to insurance coverage (12 C.F.R. Part 330).