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Federal Deposit Insurance Corporation (FDIC)
The FDIC preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for at least $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.*
An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s.
Savings, checking and other deposit accounts, when combined, are generally insured 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, insured up to $250,000. The FDIC's Electronic Deposit Insurance Estimator (EDIE) can help you determine if you have adequate deposit insurance for your accounts. EDIE is also available in Spanish - Cálculo Electrónico de Seguro de Depósitos.
The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and thrift institutions may offer. In a Press Release dated July 24, 2008, FDIC Chairman Bair said, "As Chairman, I believe that the FDIC has a promise to keep to our nation's bank customers. A promise spelled out in the following Depositor Bill of Rights."
Depository financial institutions (institutions that accept consumer deposits) in Georgia including banks, credit unions, and thrifts/savings banks have deposit insurance through the FDIC or the NCUA. Properly established share or deposit accounts are insured up to $100,000.* Some states other than Georgia do permit depository financial institutions to be privately insured.
*NOTE: On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009. "This temporary increase in deposit insurance coverage should go far to help consumers maintain confidence in the banking system and the marketplace," said FDIC Chairman Sheila C. Bair. "And clearly the public's confidence is key to a healthy and stable economy." Read more at: http://www.fdic.gov/news/news/financial/2008/fil08102a.html
- FDIC Insurance: How Can I Be Sure I'm Fully Insured?
- Are My Deposits Insured? (FDIC)
- Deposit Insurance Coverage Frequently Asked Questions (FDIC)
Related publication for deposits in credit unions - Your Insured Funds (NCUA)
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