Help Desk FAQ

FDIC account insurance

Bank and Account Insurance


How much coverage does the FDIC provide?

On Oct. 3, Congress passed legislation that would temporarily allow the FDIC to insure up to $250,000 per person in non-retirement bank deposits. The change is effective through Dec. 31, 2009, and there is the chance that Congress may permanently increase coverage levels.

The basic insurance coverage is $250,000 per depositor per insured institution, but you may qualify for more than $250,000 in coverage at one insured bank if you own deposit accounts in different "ownership categories." For example, your deposits in:

  • Single accounts (in one name only) are insured up to $250,000;
  • Joint accounts (for two or more people) are protected to $250,000 per owner;
  • IRAs and certain other retirement accounts at banks are covered up to $250,000;
  • Trust accounts can be protected up to $250,000 for each named beneficiary provided that FDIC requirements are met.

Because of the separate insurance coverage for deposits in different categories, a couple could have up to $1.5 million in deposit insurance coverage in one FDIC-insured institution if they had two individual accounts, a joint account and two trust accounts naming each other as beneficiary.

For more information, see the FDIC publication Your Insured Deposits.





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