The FDIC is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an account holder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
owned by one person
|$ 250,000 per owner|
owned by two or more persons
|$ 250,000 per co-owner|
|Certain Retirement Accounts
|$ 250,000 per owner|
|Revocable Trust Accounts||$ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements)|
|Corporation, Partnership and Unincorporated Association Accounts||$ 250,000 per corporation, partnership or unincorporated association|
|Irrevocable Trust Accounts||$ 250,000 for the non-contingent, ascertainable interest of each beneficiary|
|Employee Benefit Plan Accounts||$ 250,000 for the non-contingent, ascertainable interest of each plan participant|
|Government Accounts||$ 250,000 per official custodian|
There is no need for depositors to apply for FDIC insurance or even to request it; coverage is automatic, up to the insurance limits described above, whenever a deposit account is opened at My Bank First United Bank and Trust.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. (For details on the requirements, go to www.fdic.gov/deposit/deposits.)
To learn more about the FDIC’s insurance coverage rules and requirements, refer to the resources listed below.
If you should have any questions regarding FDIC coverage or would like to learn about additional coverage opportunities available through My Bank's CDARS program, contact us today at 1-888-692-2654 or by filling out this form.