Federal Deposit Insurance Corporation (FDIC) Deposit Insurance Coverage
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met.
FDIC provides separate insurance coverage for deposits an individual may have in different categories of legal ownership. The FDIC refers to these different categories as "ownership categories." This means that a customer who has multiple accounts at First Financial Bank may qualify for more than $250,000 in insurance coverage if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met. The FDIC recognizes six (6) ownership categories for individuals. The most commonly used by individuals are Single Accounts, Joint Accounts, and Certain Retirement Accounts. If the individual meets the criteria for each ownership category, the standard deposit insurance amount is $250,000 per category. Therefore, if an individual has qualifying Single Accounts, Certain Retirement Accounts, and Joint Accounts at First Financial Bank, they could have $750,000 in FDIC insurance coverage.
- Single Accounts: Single accounts are owned by one person. The FDIC adds together all single accounts owned by the same person at the same bank and insures the total up to $250,000.
- Certain Retirement Accounts: Certain retirement accounts have a separate $250,000 limit. All retirement accounts The FDIC adds together all retirement accounts owned by the same person at the same bank and insures the total up to $250,000.
- Joint Accounts: Joint accounts are owned by two or more people. Based upon certain conditions, each co-owner's shares of every joint account that he or she owns at the same insured bank are added together and the total is insured up to $250,000.
Joint Accounts Example:
Account Title | Deposit Type | Account Balance | Share Per Owner |
Mary and John Smith | MMDA | $230,000 | $115,000 |
Mary or John Smith | Savings | $250,000 | $125,000 |
Mary or John or Robert Smith | CD | $270,000 | $90,000 |
Total | $750,000 | ||
Insurance Coverage for Each Owner is Calculated as Follows:
Owners | Total of All Ownership Shares | Amount Insured | Amount Uninsured |
| Mary | $330,000 | $250,000 | $80,000 |
| John | $330,000 | $250,000 | $80,000 |
| Robert | $90,000 | $90,000 | $0 |
Total | $750,000 | $590,000 | $160,000 |
For More Information from the FDIC:
Call toll-free
1-877-ASK-FDIC (1-877-275-3342)
Hearing impaired line
1-800-925-4618
Calculate insurance coverage
Use the FDIC's online Electronic Deposit Insurance Estimator (EDIE) at: https://edie.fdic.gov
Read more about FDIC insurance online at:
www.fdic.gov/deposit
View frequently asked questions on deposit insurance coverage at:
www.fdic.gov/deposit/deposits
Order FDIC deposit insurance products online at:
https://catalog.fdic.gov/
Send deposit insurance questions by e-mail
Use the FDIC's online Deposit Insurance Form located at: https://ask.fdic.gov/FDICDepositInsuranceForm