FDIC Insurance

FDICchannel. (2015, December 10). Deposit Insurance Coverage Overview
YouTube. https://www.youtube.com/watch?v=i27z3VluaUo&t=24s

The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency created in 1933 to promote public confidence and stability in the nation's banking system. The FDIC protects depositors of Insured Depository Institutions (IDI) against the loss of their deposits due to an IDI failure (up to the applicable insurance limit). While there have been depository institution failures in the past, no depositor has ever lost a penny of insured funds since the FDIC was created. 

The standard coverage amount is $250,000 per depositor, per insured bank for each ownership category. All depositors are eligible regardless of citizenship or resident status. 

Please understand that additional FDIC insurance cannot be purchased. If you are approached about purchasing additional coverage, this is a scam. However, there ways to structure your accounts that could offer coverage in excess of $250,000. If you are interested in this, check out our large deposit accounts, or contact us today. 

More information can be found at fdic.gov