Each depositor insured to at least $250,000 per insured bank

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Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

Spring 2004

Test Your Deposit Insurance IQ
If you have a bank account, you also should have at least a basic knowledge of how FDIC insurance works. How well informed are you? Take our quiz and find out.

1. If your FDIC-insured bank or savings association fails, the $100,000 federal insurance coverage would include both the money you've deposited and the interest you've earned. True or False?

2. Historically, insured funds are available to depositors within just a few days after the closing of an insured bank. True or False?

3. FDIC insurance protects more than just deposits. If you purchase stocks, bonds, mutual funds or annuities at an FDIC-insured bank, the FDIC also will protect those investments against loss. True or False?

4. The basic insurance limit is $100,000 per depositor per bank but it is possible to qualify for more coverage under the FDIC's rules. True or False?

5. Suppose the only accounts you and a spouse have at a particular bank are joint accounts totaling nearly $200,000. Those accounts are fully insured because each of you qualifies for $100,000 of insurance. True or False?

6. You're thinking about taking a $150,000 lump-sum distribution from a pension fund and depositing it into two different IRAs at your bank. That's safe to do because each IRA would be separately insured to $100,000. True or False?

7. You want to open a "payable-on-death" account naming your two children as the beneficiaries. Under the FDIC's insurance rules, this account qualifies for $200,000 of insurance — $100,000 for each beneficiary — not $100,000 in total. True or False?

How did you do? If a little extra homework is needed — to be sure your savings are entirely safe in case of a bank failure — read the FDIC's two new publications about deposit insurance (see "FDIC Issues New Publications Explaining Deposit Insurance"), call or write the FDIC or go to www.fdic.gov/deposit/index.html on our Web site for extensive information about FDIC insurance coverage.

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Last Updated 01/22/2009 communications@fdic.gov