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 2006

FDIC Insurance: Do You Know As Much As You Think You Know?

The FDIC "brand name" is one of the most highly recognized in America. After all, we've been protecting consumers and their savings at banking institutions for more than 70 years. While most people also have a pretty good idea about how FDIC coverage works, we know from the many thousands of calls and letters received each year — including recent ones about the new insurance rules for retirement accounts (see FDIC Insurance: What's New, What's Not) — that a surprisingly large number of consumers have potentially costly misconceptions about deposit insurance.

"The biggest concern is that some depositors who believe that all their funds are insured may inadvertently have some money over the insurance limits and risk losing it if their bank fails," said Kathleen Nagle, chief of the Deposit Insurance Section in the FDIC's Division of Supervision and Consumer Protection.

How much do you know about FDIC insurance? To find out, keep reading.

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Last Updated 05/09/2006 communications@fdic.gov