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A guide to what FDIC insurance is and how it works

Is my money FDIC insured?

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The Federal Deposit Insurance Corporation (FDIC) is an independent agency backed by the U.S. government to build stability and confidence in financial systems.

What is the FDIC?

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The FDIC protects and reimburses up to $250,000 per depositor, per institution and per ownership category if an insured bank fails.

What does the FDIC do?

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What does the FDIC do?

Since the FDIC was founded in 1933 no depositor has lost a single cent of their insured deposit.

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Negotiable order of withdrawal (NOW) accounts

Cashier checks and money orders

Certificates of deposit (CDs)

Money market accounts

Savings accounts

Checking accounts

What does FDIC insurance cover?

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Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

May Lose

Value

Are Not
Bank

Guaranteed

Are Not
FDIC

Insured

Investment products:

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Municipal securities

Safe deposit contents

Annuities

Life insurance

Losses incurred from investments

Money invested in stocks, bonds, mutual funds

What's not covered?

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Each owner is insured up to $250,000. So a joint account with two owners is insured up to $500,000.

What about joint accounts?

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Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

May Lose

Value

Are Not


Bank

Guaranteed

Are Not
FDIC

Insured

Investment products:

Visit Better Money Habits

Certain retirement accounts

Revocable trust accounts

Joint accounts

Single accounts

You can get more than $250,000 in coverage at the same financial institution as long as deposits are in different ownership categories, such as:

Can I get more coverage?

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Find out whether your accounts are fully insured with the Electronic Deposit Insurance Estimator (EDIE) calculator

As long as your deposits are with an FDIC-insured bank, you don’t have to do anything to be covered.

Do I need to do anything?

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Read more, 4 mins

What is the difference between checking and savings accounts?

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Read more, 3 mins

Joint bank accounts: What you need to know

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