FDIC Insurance

The more you know, the safer your money.

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation’s financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships.

Frequently Asked Questions

Are deposits at Elsewhere Bank insured by the FDIC?

No. Elsewhere Bank is a fictitious financial institution. If it were real, the FDIC would fully insure your deposit up to $250,000.

What does FDIC deposit insurance cover?

FDIC insurance covers all types of deposits including:

• Checking
• Savings
• Money market
• Time deposits such as certificates of deposit (CDs)

FDIC deposit insurance covers the balance of each depositor’s account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest.

What is the FDIC insurance limit?

The FDIC Standard Maximum Deposit Insurance (SMDIA) per depositor, has been permanently increased to $250,000 per depositor per insured financial institution. But did you know that accounts maintained in different forms of ownership may each be separately insured up to $250,000? That makes it possible to have deposits of more than $250,000 at one insured bank and still be fully insured.

What is not covered by the FDIC?

The FDIC does not insure investments in stocks, bonds, mutual funds, life insurance policies, annuities, including business sweep accounts or municipal securities, even if you bought these products from an insured bank. The FDIC does not insure U.S. Treasury bills, bonds, or notes. These are backed by the U.S. Government.

The FDIC Electronic Deposit Insurance Estimator (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. EDIE also allows the user to print the report for their records.

EDIE can be used to calculate the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank, including:

• Checking accounts
• Savings accounts (both statement and passbook)
• Money market deposit accounts (MMDAs)
• Certificates of deposit (CDs)

Use EDIE now →