The FDIC
is an independent agency of the U.S. Government. Congress
established it in 1933 to insure bank deposits, help maintain
sound conditions in our banking system, and protect the nation's
money supply in case of financial institution failure.
The basic insurance amount is $100,000 per depositor, per insured bank.
The $100,000 amount applies to all depositors of an issued bank except for owners of “self-directed” retirement accounts, which are insured up to $250,000 per owner, per insured bank.
Deposits in separate branches of an insured bank are not separately insured.
Deposits in one insured bank are insured separately from deposits in another insured bank.
Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $100,000 at one insured bank and still be fully insured.
