The FDIC - short for the Federal Deposit Insurance
Corporation - is an independent agency of the United States
government. FDIC coverage protects you against the loss of your
deposits if an FDIC-insured bank or savings association fails. FDIC
insurance is backed by the full faith and credit of the United
States government.
All FDIC-insured banks must meet high
standards for financial strength and stability. The FDIC, with other
federal and state regulatory agencies, regularly reviews the
operations of insured banks to ensure these standards are met.
The FDIC insures all deposits, including checking, NOW and
savings accounts, money market deposit accounts, and certificates of
deposit (CDs), up to the insurance limit.
On July 21, 2010,
the deposit insurance coverage for all deposit accounts was
permanently raised to $250,000 per depositor, per insured depository
institution for each account ownership category. Insurance coverage
for certain retirement accounts, which include all IRA deposit
accounts, was increased permanently to $250,000 per depositor in
2006.
For more information visit
www.fdic.gov.