What does the FDIC do?
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for up to $100,000; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.
To find out more, go to “ Who is the FDIC?“
Where can I go to find out information about my bank?
The FDIC has a couple of ways to find information about your bank. Using the FDIC’s Institution Directory (ID), you can get information on FDIC-insured banks. The ID contains information for all institutions, bank holding companies and bank offices or branches. Bank, branch, and web addresses are available in addition to regulator and financial information. Please note that if you are looking for a specific bank location, it may be a “branch” of the bank, not the bank itself.
The ID also has a “Compare to Peer Group” feature that allows users to compare insured institutions, predefined groups of insured institutions (standard peer groups), or bank holding companies by generating comparative financial reports. Available reports are based on three major categories: Assets and Liabilities items, Income and Expense items, and Performance and Condition Ratios.
The Bank Find page provides you with the ability to: search for your bank to find out if it is insured; find the locations of your bank’s branches; find out if your bank has merged or been acquired; or review your bank’s history. Bank Find also provides you with links to detailed information about the bank.
What is deposit insurance? How am I covered?
Savings, checking and other deposit accounts, when combined, are generally insured up to $100,000 per depositor in each bank or thrift the FDIC insures. Deposits held in different categories of ownership – such as single or joint accounts – may be separately insured. Also, the FDIC generally provides separate coverage for retirement accounts, such as individual retirement accounts (IRAs) and Keoghs.
The FDIC provides several sources to provide you with detailed information about deposit insurance; however, we are updating publications, videos, and other informational resources on deposit insurance coverage to reflect recent regulatory changes affecting insurance coverage of certain retirement accounts. These new rules are effective April 1, 2006. Updated deposit insurance resources will be reposted as soon as available.
- Electronic Deposit Insurance Estimator (EDIE)
By using EDIE you can learn about deposit insurance and estimate the adequacy of your deposit insurance coverage. The FDIC has two versions of EDIE:Consumer Version – http://www2.fdic.gov/edie/; and
Banker Version -http://www.fdic.gov/deposit/deposits/ediebanker/index.html
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- FDIC’s Overview on Deposit Insurance Coverage (27 minutes)
This video provides bank employees and bank customers an overview on how deposit insurance works, focusing on the most common account ownership categories used by individuals and families. - FDIC’s Seminar on Deposit Insurance Coverage (100 minutes)
This video for bankers replicates a typical FDIC deposit insurance seminar. It is a comprehensive presentation on deposit insurance coverage, explaining in detail the rules and requirements for all account ownership categories along with illustrated examples. - Insuring Your Deposit (Basic Guide)
This basic guide explains the ownership categories of insurance, including individual accounts, self-directed retirement accounts, joint accounts, and revocable trust accounts. This guide will meet the needs of most depositors. - Your Insured Deposits (Comprehensive Guide)
This comprehensive guide explains the deposit insurance categories, including living trust accounts. It is especially useful for large depositors and those with specific deposit insurance requirements, as well as bankers helping depositors with deposit insurance questions. - The Financial Institution Employee’s Guide to Deposit Insurance
This guide contains all of the material covered in the seminar series, and is a helpful guide to the deposit insurance rules for financial institution training staff, operations and savings officers, and others responsible for dissemination of deposit insurance information at financial institutions. The guide explains the FDIC’s rules for deposit insurance coverage in a concise and non-technical way.<!–
- Deposit Insurance Publications, Videos and CD-ROMs Online Order Form
Free copies of these videos and guides are available from the FDIC.
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The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and thrift institutions may offer. Insured and Uninsured Investments distinguishes between what is and is not protected by FDIC insurance.
I’ve heard the FDIC sells property and other assets from bank failures. Can you tell me more?
In the event of a bank failure, the FDIC is named receiver and is responsible for liquidating the assets of the failed institution. These assets may include real estate, loans, and furniture and fixtures. In Asset Sales, you may view the assets for sale. This section is divided among Real Estate Sales, Loan Sales, and Other Asset Sales.
I got an e-mail from my bank asking me to confirm online confidential information concerning my bank accounts. How can I tell if this is a legitimate request or a scam?
The FDIC has created a Consumer Alerts webpage to inform and warn consumers about a type of fraud called “phishing.” The term “phishing” – as in fishing for confidential information – refers to a scam in which an individual’s personal or financial information is used in a fraudulent manner.
Can I be notified of any FDIC updates?
Yes, the FDIC has an e-mail subscription service that allows you to be notified of any updates to several of our web products. Track the latest developments in the FDIC and the financial services industry from home or work. Announcements about dozens of useful and informative publications produced by FDIC experts will arrive in your e-mail-within minutes of publication, all absolutely free. These announcements will all be linked directly to the publication-one click will give you immediate access to the latest information. FDIC Online Subscription Service
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Yes. The FDIC’s Call Center directs calls from 8 a.m. to 8 p.m. EST, Monday-Friday. Call toll free at 1-877-ASKFDIC (1-877-275-3342) or TDD Line 1- 800-925-4618.
