The Federal Deposit Insurance Corporation (FDIC), an independent agency of the United States government. FDIC insurance is backed by the full faith and credit of the United States government. No depositor has lost a penny of FDIC-insured funds since it was established in 1933.
FDIC insurance covers all deposit accounts, including:
- Checking accounts
- Savings accounts
- Money market deposit accounts
- Certificates of deposit
FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.