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FDIC Increased Deposit Insurance Limits

June 18, 2009

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US government that protects against the loss of insured deposits if an FDIC-insured bank fails.

FDIC deposit insurance is backed by the full faith and credit of the US government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds or municipal securities.

There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.

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