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FDIC Insurance FAQs
- What does the FDIC insure?
- What is the insurance limit?
- Does First Republic participate in the FDIC's Transaction Account Guarantee Program?
- I have accounts in multiple categories at a financial institution. The combined value of the accounts exceeds the basic insurance amount of $250,000. Are all of my funds insured?
- Where can I get more information about FDIC insurance?
What does the FDIC insure?
The FDIC guarantees all traditional types of deposit accounts (checking, savings, money market savings and CDs) up to $250,000 per depositor and guarantees bank individual retirement accounts (IRAs) up to $250,000 per owner.
Investment products (mutual funds, annuities, life insurance policies, stocks and bonds) are not FDIC insured, may lose value, and are not bank guaranteed.
What is the insurance limit?
Effective July 21, 2010, the FDIC's basic insurance limit has been permanently raised from $100,000 to $250,000 per depositor. The insurance coverage limit applies per depositor, per insured bank for each ownership category. Certain retirement accounts, such as individual retirement accounts (IRAs), are also insured up to $250,000 per depositor per insured bank.
If you have a combined amount of $250,000 or less in all of your deposit account categories at the same insured bank, you do not need to worry about your insurance coverage, as your deposits are fully insured.
To learn more, contact the FDIC toll-free at 1-877-275-3342 from 8:00 AM until 8:00 PM ET or visit the FDIC website.
Does First Republic participate in the FDIC's Transaction Account Guarantee Program?
No, First Republic's participation in the FDIC's Transaction Account Guarantee Program ended on December 31, 2009, when the first phase of the program was completed. Thus funds held in noninterest-bearing transaction accounts are treated the same as other deposits and insured up to $250,000 under the FDIC's general deposit insurance rules.
I have accounts in multiple categories at a financial institution. The combined value of the accounts exceeds the basic insurance amount of $250,000. Are all of my funds insured?
For customers with accounts in multiple ownership categories at a single financial institution, FDIC coverage is based on the titling of the accounts and the category of accounts, not the number of accounts. Categories of ownership include single or individual, joint, revocable and irrevocable trust, business, certain retirement accounts and others.
For example, a customer who owns a checking account and a CD titled in his or her own name as single owner will receive a total of $250,000 of combined coverage for both accounts.
But if that same customer also has a joint account (which is a separate category from individual accounts), he or she could receive an additional $250,000 deposit insurance for the funds held in the joint account.
Where can I get more information about FDIC insurance?
See your Preferred Banker for details or contact the FDIC toll free at 1-877-ASK-FDIC (1-877-275-3342) or visit Electronic Deposit Insurance Estimator (EDIE), for the most recent information.
