![]() ![]() Treasury bills, bonds or notes, which are backed by the full faith and credit of the U.S. FDIC insurance does not cover financial products including stocks and bonds, mutual funds, crypto assets, life insurance policies, annuities, municipal securities, safe deposit boxes or their contents or U.S. The balance of a joint account can exceed $250,000 and still be fully insured.Īnother example: if the same two co-owners jointly own both a $375,000 certificate of deposit (CD) and a $125,000 savings account at the same insured bank, the two accounts would be added together and insured up to $500,000, providing up to $250,000 in insurance coverage for each co-owner.įDIC insurance coverage includes checking and savings accounts, money market deposit accounts, retirement savings, cashier’s checks and money orders. For example, a married couple with a small business may have up to $250,000 insured in an account in one spouse’s name, up to $250,000 in an account in the other spouse’s name and up to $250,000 in a business account. The agency will insure up to $250,000, per depositor, in qualified accounts at insured banks. The FDIC is funded by premiums paid by banks and savings associations. ![]() Since then, no bank customer has lost insured funds due to a bank failure. ![]() The FDIC is an independent government agency that was created by the Banking Act of 1933 during the Great Depression to restore trust in the American banking system. The good news is that most Americans are covered by the FDIC because the majority of people have less than $250,000 in any one specific bank account. MORE: Is this a banking crisis? What to know about the Silicon Valley Bank collapse ![]()
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