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Is My Money Safe in My Bank Account: FDIC Insurance

Bank Account Guide

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  • How to make sure the money in my bank account is safe and covered by FDIC insurance

Make sure your money is safe and fully protected by depositing it in a bank account that is federally insured by the FDIC. While most banks and savings institutions are federally insured and provide bank accounts that are safe to keep your money, a few are not, including some far-away banks and savings institutions that offer high-rate bank accounts in the newspaper or over the Internet.

The Federal Deposit Insurance Corporation (FDIC) helps keep your money safe by protecting bank account deposits up to $250,000 for each depositor at each insured bank. FDIC insurance is backed by the United States government, and since the FDIC was founded in 1933, no depositor has lost any FDIC-insured funds. Banks and institutions insured by the FDIC must display an official sign at each bank teller window or station. You can also verify whether a bank is insured by the FDIC by searching insured banks on the FDIC's website or calling the FDIC's Division of Compliance and Consumer Affairs (DCA) toll-free at 800-934-3342.

FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. Remember that FDIC insurance covers only deposits. Mutual funds or annuities you buy at your bank are investments, not deposits. That is why the FDIC does not insure them against loss.

Depending on how your bank accounts are structured, you can even have more money deposited in one bank and still keep your money safe and fully protected. For example, you may qualify for more coverage if your bank account has more than one owner or if you have money in different ownership categories. You do not need to worry if you or your family has less than $250,000 in all your accounts at the same bank. But if your combined bank accounts total $250,000 or more, make sure they are within the insurance limits. If you have any questions about FDIC insurance coverage and if your bank accounts are safe, you may call the FDIC and speak with a deposit insurance specialist at: 800-934-3342.

Questions about federal deposit insurance at credit unions should be directed to the National Credit Union Administration (telephone 703-518-6300; address: 1775 Duke Street, Alexandria, Virginia 22314-3428).

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