Standard Bank Blog

How familiar are you with the insurance on your deposits?  Are you aware if your deposits are fully insured at your financial institution? FDIC insured money, means you cannot lose a penny, no matter what.  However, as with any insurance, there are coverage limits and requirements that must be met.  If you have more than $250,000 on deposit in the bank, you may have more, or less, deposit insurance coverage than you think.

Are your deposits fully insured at your financial institution?  All Deposits in FDIC-insured institutions are insured by the federal government.  When your money is FDIC insured, you cannot lose a penny, no matter what.  However, as with any insurance, there are coverage limits and requirements that must be met.  If you have more than $250,000 on deposit in the bank, you may have more, or less, deposit insurance coverage than you think.

What is the FDIC?

The Federal Deposit Insurance Corporation provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank.  Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds because of a failure.

What is FDIC Insurance?

FDIC insurance protects you from losses if your bank goes sour.  When you keep money in an FDIC insured account, you won’t lose your money if the bank fails.  But, FDIC insurance is not unlimited. You can increase the FDIC insurance coverage available to you by using multiple banks.

How can I check whether my deposits are insured by FDIC?

The FDIC insures deposits in most, but not all banks. Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank. To find out if your money is insured, visit EDIE. EDIE lets consumers and bankers know, on a per-bank basis, how the insurance rules and limits apply to a depositor's specific group of deposit accounts—what's insured and what portion, if any, exceeds coverage limits at that bank.

If I have more than $250,000 at one insured bank, can I still be fully covered?

You may qualify for more than $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.