Is your bank safe?

The FDIC is a wealth of information.

What is the FDIC?

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. Right now the FDIC (As of May of 2023) covers 4677 institutions 81,065 insured branches. Link to FDIC tutorial https://edie.fdic.gov/tutorial.html

How can I check whether my bank is insured by FDIC? Bank Find on the FDIC website. (https://banks.data.fdic.gov/bankfind-suite/bankfind) or call toll-free 1-877-ASK-FDIC to make sure your bank or savings association is insured by the FDIC.

What is covered? Checking accounts, savings accounts, money market accounts and CD’s (certificates of deposit)

What is not covered? Mutual funds, stocks and bonds, annuities, life insurance policies, safe deposit boxes and their contents, municipal securities, Treasury bills or bonds, crypto.

How do I know my money is safe? The FDIC covers individuals up to $250,000.

And in some circumstances it could be more. Here’s why: Each deposit account owner will be insured up to $250,000 — so, for example, if you have a joint account with your spouse, your money will be insured up to $500,000. Scenario A married couple each have their own personal checking account and then a jointly held business checking account at the same bank. Each checking account would be insured up to $250,000. Or $250,000 x 2= $500,000. The joint business account would be insured up to $500,000. Total coverage is $ 1 million for the 3 accounts.

How To Make Sure Your Deposits are Insured

1)Before you deposit money in a bank, check the FDIC’s Electronic Deposit Insurance Estimator to see what is covered at your bank. https://edie.fdic.gov/calculator.html

2) If you are married, consider having a joint account. (Checking accounts, savings accounts, money market accounts and CD’s) Why? You immediately double the amount of money covered by the FDIC to $500,000. You could have a joint savings account (covered up to $500,000) and each having an individual checking account (covered up to $250,000) Total coverage is 1 Million.

3)If you are single or keeping money separate and have over $250,000 in an account at a bank then you should transfer any money over that threshold and deposit it at another FDIC-insured bank. That way all of your money will be adequately insured.

What should I do if my bank fails?

When the FDIC takes over a bank it makes every effort to ensure customers have immediate access to their money.The FDIC will issue information within a day or so of taking over a failed bank to let the bank’s customers know what steps, if any, they need to take. The best place to look for that information is on the agency’s failed banks list. Bank Find on the FDIC website. https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/