FDIC Insurance
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured institution, such as a bank or savings and loan association, fails. FDIC deposit insurance is backed by the full faith and credit of the United States government.
Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds. FDIC insurance covers all deposit accounts, including checking and savings accounts, money market accounts and certificates of deposit.
The basic limits* of FDIC deposit insurance coverage are:
- Single Accounts (owned by one person) $250,000 per owner
- Joint Accounts (two or more persons) $250,000 per owner
- Trust Accounts $250,000 per beneficiary, subject to specific limitations and requirements.
- IRA’s and certain other retirement accounts $250,000 per owner.
*refers to the total of all deposits that an accountholder(s) has at each FDIC insured bank
To ensure funds are fully protected, depositors should understand the coverage limits. If you are concerned about deposit insurance coverage, we invite you to call or sit down with your SSB banker. The FDIC provides an Electronic Deposit Insurance calculator (EDIE) at https://www2.fdic.gov/EDIE/ and offers toll free assistance at 1-877-ASK-FDIC or visit the FDIC website at www.FDIC.gov.