The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

What is FDIC insurance and how does it work?

The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank.

How much does the Federal Deposit Insurance Corporation FDIC insure the money you deposit in a bank?

The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.

What is the definition of Federal Deposit Insurance Corporation?

DEFINITION of ‘Federal Deposit Insurance Corporation (FDIC)’. The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures.

Are there any banks that are insured by the FDIC?

Only banks are insured by the FDIC; credit unions are insured up to the same insurance limit by the National Credit Union Administration, which is also a government agency. As of the end of 2018, the FDIC provided deposit insurance at 5,406 institutions.

How to contact the Federal Deposit Insurance Corporation?

Consumer Resources. FDIC Call Center 1-877-275-3342 (1-877-ASKFDIC) 8:00 am – 8:00 pm ET; Monday-Friday 9:00 am – 5:00 pm ET; Saturday-Sunday For the Hearing Impaired Toll Free 1-800-925-4618 / Local (VA) 703-562-2289 Have a question…

How much money does the FDIC insure per depositor?

As of 2020, 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 if their institution is FDIC insured. The primary purpose of the FDIC is to prevent “run on the bank” scenarios, which devastated many banks during the Great Depression.