Ensuring Peace of Mind: How FDIC Insurance Preserves Your Hard-Earned Savings

FDIC Insurance Safeguards Depositors

The Federal Deposit Insurance Corporation (FDIC), an autonomous U.S. government agency, offers deposit insurance to safeguard depositors in American banks. This vital protection assures the security of individuals' funds.

FDIC

The FDIC insures deposits up to $250,000 per depositor, per bank. This insurance is backed by the full faith and credit of the United States government and provides a guarantee of safety to depositors in the event of a bank failure. 

The FDIC also oversees the financial health of banks and takes action to ensure that banks are complying with applicable banking laws. The FDIC also provides consumer education and financial literacy programs to help consumers make informed decisions about their finances. 

The FDIC is an important part of the U.S. banking system and helps ensure that depositors’ funds are safe and secure.

ARE MY SAVINGS INSURED?

FDIC insurance covers traditional deposit accounts, and depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. FDIC deposit insurance only covers deposits, and only if your bank is FDIC-insured.  

Deposits insured by the FDIC 

- Checking accounts

- Savings accounts

- Money market deposit accounts

- Certificates of deposit (CD)

- Prepaid cards (assuming certain FDIC requirements are met)

FDIC Note: All of your deposits in the same ownership category in the same FDIC-insured bank are added together for the purpose of determining FDIC deposit insurance coverage. However, you may qualify for more than $250,000 in FDIC deposit insurance coverage if you deposit money in accounts that are in different ownership categories.

Not covered by FDIC:

- Stock Investments

- Bond Investments

- Mutual Funds

- Annuities

- Life Insurance Policies

- U.S. Treasury Bills

- Municipal Securities

- Crypto

Call to Action: How Can I Find Out if My Savings Are Insured?

If you can’t tell if your cash is insured at a glance, the FDIC has a tool called the Electronic Deposit Insurance Estimator to show your specific deposit insurance coverage.  https://edie.fdic.gov/

Make sure your bank is FDIC-insured, using: https://banks.data.fdic.gov/bankfind-suite/bankfind

(Source: FDIC: Are My Deposit Accounts Insured by the FDIC? )

Photo: L. McCallister.  Canyonlands, Utah


RESOURCES THAT MIGHT BE HELPFUL...

Deposit Insurance At a Glance.  FDIC.  FDIC: Deposit Insurance At A Glance

What Is FDIC Insurance and What Are the Coverage Limits?  Nerdwallet.  Ruth Sarreal and Spencer Tierney.   What Is FDIC Insurance and What Are the Coverage Limits? - NerdWallet   (Note: article includes examples of insuring multiple accounts)

Welcome to the FDIC’s Electronic Deposit Insurance Estimator (EDIE).  FDIC.  FDIC: Electronic Deposit Insurance Estimator (EDIE)


SO...What'd we miss??

We welcome your comments: Your experience with assuring that your savings are "safe and secure"? 

Comments

Post a Comment

We welcome your comments and insights!

Popular posts from this blog

Your Healthcare: Navigating Medicare

Image
When it comes to healthcare, seniors face a unique set of challenges.  The cost of healthcare can easily exceed your budget. With the increasing costs of medical services, it can be difficult for seniors to afford the care they need.  Seniors 65 or older can sign up for Medicare. Medicare beneficiaries must pay a premium for Medicare Part B which covers doctors’ services and Medicare Part D which covers prescription drugs. The premiums paid by Medicare beneficiaries cover about 25% of the program costs for Part B and Part D. The government pays the other 75%. Medicare - Parts A, B, D Medicare can help seniors manage the cost of healthcare. Medicaid eligibility begins at age 65, providing seniors with access to healthcare services and prescription drug coverage. Medicare helps seniors cover the cost of doctor visits, hospital stays, and preventive services. However, Medicare does not cover all medical costs and may require seniors to pay for additional services. "Medicare ...
Read more

Inflation and Retirement: Preserving Your Nest Egg

Image
Is inflation eating into your retirement?  (and what you can do about it) Inflation is highest it has been for many years.  Shopping for eggs, milk, gasoline, a gallon of paint, and more - brings a reminder of the impact that inflation has had on the cost of daily living.   Individually, we cannot control inflation.  However, there are two areas that we can control: reducing expenses and increasing income.  Here are some thoughts on both: TIPS FOR REDUCING EXPENSES For many retirees - taxes, insurance, food and gasoline, home ownership are probably your highest expenses.  TAXES:  Property, income tax, and medical insurance are probably your highest expense.     Some municipalities and counties offer retirees substantial discounts on their property and vehicle tax.  Several municipalities here in Alaska offer senior property discounts - 20% or more!  Tax on first two vehicles are "tax free".  Does your municipality off...
Read more

Avoid Becoming Obsolete: Living in a Rapidly Changing World

Image
Technology is changing at an incredibly rapid pace.  As technology continues to advance, more and more things are becoming obsolete (or will become obsolete soon), replaced by new technology.  Companies must stay on top of the latest developments to remain competitive in an ever-evolving landscape.  Avoid becoming "obsolete"  Are you staying up to date on latest advancements? Embrace Technology The revolutions that will surface in years to come will continue to make profound changes.  Fortunately, new technology is designed to be helpful and easy to use.  Rather than being overwhelmed, embrace technology to discover how it can enhance and become an essential part of your daily life.  (Adapted from: "Technology in Our Life Today". My G-Grandmother, during her life had experienced travel by covered wagon and buck board, steam engine train, automobile, and airplane and the beginnings of the "space age".  Communication by letter, telegraph, ...
Read more