Does your bank have FDIC insurance?

If your bank is insured by the Federal Deposit Insurance Corp. (FDIC), your money in that bank is protected by the federal government, but up to a limit. Here’s what you need to know about how your money is backed by the government through the FDIC and the limits of such insurance. What is FDIC insurance?

What is the Federal Deposit Insurance Corp (FDIC)?

The Federal Deposit Insurance Corp. (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices.

How much money does the FDIC insure?

As of 2023, the FDIC insures deposits up to $250,000 per depositor as long as the institution is a member firm. It is critical for consumers to confirm whether their institution is FDIC-insured. The Federal Deposit Insurance Corp. (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures.