Symbol of Confidence
Each
depositor insured to at least $250,000
The
Federal Deposit Insurance Corporation is an independent federal agency
created in 1933 to promote public confidence and stability in the nation’s
banking system.
Throughout its history, the FDIC has provided bank customers with prompt
access to their insured deposits whenever an FDIC-insured bank or savings
association has failed.
In the FDIC’s history, no customer
has ever lost a single penny of insured deposits. |
The FDIC official teller sign – posted at every insured
bank and savings association across the country – is a symbol
of confidence for depositors.
Customers know, when they see the FDIC official teller sign, that they
will get back all of their insured deposits in the unlikely event their
insured bank or savings association should fail.
How FDIC Insurance Works
Basic Insurance Limit
When a Bank Fails
FDIC's Deposit Insurance Fund
Full Faith and Credit of U.S. Government
For More
Information About FDIC Deposit Insurance Coverage
How FDIC Insurance Works
Insurance is automatic whenever a customer opens any type of deposit account
at an FDIC-insured bank or savings association, including checking, NOW
and savings accounts, money market deposit accounts, and certificates of
deposit (CDs). Insured banks and savings associations pay the FDIC for deposit
insurance coverage.
The FDIC does not insure investments in stocks, bonds, mutual funds, life
insurance policies, annuities, or municipal securities, even if a customer
purchases them from an FDIC-insured bank or savings association.
Basic Insurance Limit
The basic insurance limit is $250,000 per depositor at each
insured bank and savings association.
If you have less than $250,000
in your deposit accounts, you do not need to worry; your funds
are fully covered. |
If you have more than $250,000 at one FDIC-insured institution, you should
know that deposit accounts in different ownership categories are separately
insured. This means you might qualify for more than $250,000 in coverage.
To learn more about the FDIC’s insurance coverage rules, refer to
the resources listed at the end of this pamphlet, or visit the FDIC’s
Web site at www.fdic.gov.
When a Bank Fails
The
FDIC pays depositors within just a few days after an insured institution
fails, usually the next business day. The FDIC protects depositors in
one of two ways – by either:
- Facilitating a merger with another FDIC-insured institution, or
- Issuing a check to each depositor for the insured portion of their
accounts at the closed institution.
FDIC’s
Deposit Insurance Fund
The FDIC is funded by its member institutions through premiums
and assessments paid on deposits. And, if ever needed, the FDIC can draw on
a
line of credit with the U.S. Treasury.
Full Faith and Credit of U.S. Government
FDIC deposit insurance is backed by the full faith and credit of the United
States government. This means that the resources of the United States government
stand behind FDIC-insured depositors.
For More Information About FDIC Deposit Insurance Coverage
Calculate
Your insurance coverage using the FDIC’s Electronic Deposit Insurance
Estimator at: www.fdic.gov/edie
Read
Your Insured Deposits and other deposit insurance information at: www.fdic.gov/deposit/deposits
Call toll free
1-877-ASK-FDIC (1-877-275-3342) from 8 am until 8 pm (Eastern Time) Monday
through Friday
Hearing Impaired Line:
1-800-925-4618
Email questions
Visit FDIC ’s Home Page and use the on-line Customer Assistance Form
Mail questions to
Federal Deposit Insurance Corporation
Attn: Deposit Insurance Outreach Group
550
17th Street, NW
Washington, DC 20429-9990
Note: This brochure is not intended to provide
estate or financial planning advice.
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