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all rules discussed in this booklet are in effect through March 31, 2024. the rules for revocable trust accounts (including formal trusts, pod/itf) and escrow accounts The irrevocable bonds discussed in this booklet will change on April 1, 2024. For most fiat depositors (those with less than $1,250,000), the fdic expects that coverage levels will not change. Changes to the rules for mortgage servicing accounts will also go into effect on April 1, 2024. You can learn more about the new changes by reviewing this fact sheet (pdf). Additionally, we encourage depositors and bankers to review the new rules when considering opening large fiat deposits in accounts with maturities after April 1, 2024.
You can submit your inquiry through the fdic information and support center. You can also call the fdic at (877) 275-3342 or (877) ask-fdic. for the hearing impaired call (800) 877-8339.
fdic deposit insurance
since 1933, the fdic seal has symbolized the security of our nation’s financial institutions. fdic deposit insurance allows consumers to deposit their money with confidence in thousands of fdic-insured banks across the country, and is backed by the full faith and credit of the united states government.
fdic deposit insurance coverage depends on two things: (1) whether the chosen financial product is a deposit product; and (2) whether your bank is fdic insured.
- checking accounts
- negotiable order of withdrawal (now) of accounts
- savings accounts
- Money Market Deposit Accounts (MMDAS)
- time deposits such as certificates of deposit (cds)
- cashier’s checks, money orders, and other official items issued by a bank
- stock investments
- bond investments
- mutual funds
- crypto assets
- life insurance policies
- municipal values
- safe deposit boxes or their contents
- us bills, bonds or treasury notes*
the fdic does not cover
*these investments are backed by the full faith and credit of the us. uu. government.
depositors do not need to apply for fdic insurance. Coverage is automatic each time a deposit account is opened at an fdic-insured bank or financial institution. If you’re interested in fdic deposit insurance coverage, just make sure you put your funds in a deposit product at the bank.
The standard amount of insurance is $250,000 per depositor, per insured bank, for each category of account ownership.
The fdic provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage of more than $250,000 if they have funds in different property categories and all fdic requirements are met.
all deposits an account holder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
when a bank fails
A bank failure is the closure of a bank by a federal or state banking regulatory agency, usually as a result of a bank’s inability to meet its obligations to depositors and others. In the unlikely event of a bank failure, the fdic acts quickly to ensure that depositors have quick access to their insured deposits.
fdic deposit insurance covers each depositor’s account balance, dollar for dollar, up to the insurance limit, including principal and any interest earned through the insured bank’s closing date.
the fdic acts in two capacities after a bank failure:
- As the “insurer” of the bank’s deposits, the fdic pays deposit insurance to depositors up to the insurance limit.
- As the “trustee” of the failing bank, the fdic assumes the task of collecting and selling the failing bank’s assets and settling its debts, including claims for deposits in excess of the insured limit.