How safe is the FDIC?

Since 1933, no depositor has ever lost a penny of FDIC-insured funds. Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank. An FDIC-insured account is the safest place for consumers to keep their money.

How much does the FDIC secure against loss?

Q: How much deposit insurance coverage do I qualify for? A: The standard deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category.

Does FDIC cover theft?

FDIC deposit insurance does not protect accounts from a fraud or theft online (or otherwise). However, other laws and industry practices may provide coverage from cyber theft.”

What is the FDIC and how does it work?

The FDIC was established in 1933 in response to the many bank failures during the Great Depression. It was meant to (and still does) promote public confidence in the banking system by insuring consumers’ deposits. In 2015, eight banks failed, but during the Great Recession, dozens went under.

How much does the FDIC insure?

The FDIC insures up to $250,000 per depositor, per institution and per ownership category. FDIC insurance covers deposit accounts — checking, savings and money market accounts and certificates of deposit — and kicks in only in the event a bank fails. Losses incurred from investments are not covered, even if they were purchased from an insured bank.

Is your money safe with the FDIC?

In these rare cases, your money is protected as long as a bank is federally insured. That means backing by the Federal Deposit Insurance Corp. (Credit unions offer this security as well, through the National Credit Union Administration.) Here’s a look at what the FDIC is, what it covers and how it guards your hard-earned money.

Does FDIC insurance cover lost deposit boxes?

Losses incurred from investments are not covered, even if they were purchased from an insured bank. FDIC insurance also does not cover contents of a safe deposit box housed at a bank. What does it mean to be covered “up to $250,000 per depositor, per institution and per ownership category”?