Federal Deposit Insurance Corporation (FDIC): Who Qualifies and What You Get
Learn how the FDIC protects your bank deposits and understand what types of financial assets are not covered by federal insurance.
The Federal Deposit Insurance Corporation (FDIC) provides federal insurance for money you keep in many types of bank accounts to protect you if a bank fails.
Who it's for
This protection is for people who hold deposits at banks that are specifically insured by the FDIC.
What you get
If your bank fails, your deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category. This means your money is backed by the federal government up to those specific limits.
What it costs you
There is no cost to you. This insurance is automatically applied to your deposits if you are banking at an insured institution.
The catch to know
This insurance only covers bank deposits. It does not cover investments, such as stocks, bonds, or mutual funds.
How to apply
- Check with your bank to ensure they are an FDIC-insured institution.
- Confirm your account type and the total amount you have on deposit.
- Review the official website to understand how ownership categories affect your coverage limits.