FDIC Insurance

What is the FDIC?

The Federal Deposit Insurance Corporation is an independent agency of the United States Government. The FDIC protects consumers against the loss of deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Why is FDIC Insurance important to you?

All FDIC-insured banks must meet high standards for financial strength and stability. The FDIC, with other federal and state regulatory agencies, regularly reviews the operations of all insured banks to ensure these standards are met. Despite these safeguards, some insured banks fail. If an insured bank fails, FDIC insurance will cover deposit amounts, dollar for dollar, including principal and any accrued interest, up to the insurance limit.

On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. If you or your family has deposits at one insured bank totaling more than $250,000, you should know that different ownership categories of accounts are separately insured, and you may qualify for increased insurance. To find out more, go to www.fdic.gov or call toll-free 1-877-275-3342.