FDIC: Deposit Insurance

important update!

change in revocable and irrevocable trust rule effective April 1, 2024 change in mortgage servicing account rule effective April 1, 2024

Reading: What does deposit insurance protect you from

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All rules discussed in this section are effective through March 31, 2024. The fdic approved changes, on January 21, 2022, to the deposit insurance rules for trust accounts revocable (including formal trusts, pod/itf), irrevocable trust accounts, and mortgage servicing accounts. For most trust depositors (those with less than $1,250,000), the fdic expects that coverage levels will not change. however, the new rule may reduce coverage for those depositors who have placed more than $1,250,000 per owner in fiduciary deposits with an insured institution. The new rule (pdf) combines the irrevocable and revocable trust account categories into one insurance category, eliminates some complex rules, and uses a simple insurance calculation. You can learn more about the new changes, including for mortgage servicing accounts, by reviewing this fact sheet (pdf). The changes take effect on April 1, 2024, giving bankers and depositors time to adjust to the new rule, including making changes to avoid a possible reduction in coverage. We suggest depositors and bankers review the new rules for time deposits maturing after April 1, 2024.

questions?

You can submit your inquiry through the fdic information and support center. You can also call the fdic at (877) 275-3342 or (877) ask-fdic. for the hearing impaired call (800) 877-8339.

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Deposit insurance is one of the significant benefits of having an account at an fdic-insured bank: it’s the fdic’s way of protecting your money in the unlikely event of a bank failure. the standard amount of insurance is $250,000 per depositor, per insured bank, for each category of account ownership. And you don’t have to buy deposit insurance. If you open a deposit account at an fdic-insured bank, you’ll be automatically covered. Check out the resources on this page to learn more about deposit insurance.

Are my deposits insured?

Use the tools below to verify that your bank and accounts are fdic insured and to find out how much insurance coverage you have.

• Is your bank insured? the bankfind tool can help you find out if your banking institution is insured.
• Are your bills covered? Not all accounts, products, and investments are covered by fdic insurance. find out what is and isn’t covered.
• How much of your deposits are insured? Use the Electronic Deposit Insurance Estimator (edie) to find out.

answers to more of your questions about deposit insurance

What happens if my bank goes bankrupt? How do I get deposit insurance? which accounts are not covered? What happens if my deposits exceed the coverage limit? the fdic provides a number of resources to answer these questions and more.

• Frequently asked questions about deposit insurance
• brochures and videos on deposit insurance

information for bankers

• webinars on deposit insurance coverage for bankers. covers the basics of deposit insurance, advanced insurance topics, and insurance coverage for specific products, such as revocable trust accounts.
• Guide for bank employees on deposit insurance. helps bank employees provide accurate information about fdic insurance coverage to their depositors.

looking for more? contact the fdic.

• 1-877-ask-fdic. Call us to determine your deposit insurance coverage or to ask any other specific questions about deposit insurance.
• fdic information and support center. Submit a request or complaint, check the status of a complaint or inquiry, or securely exchange documents with the fdic.

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