amount insured by fdic per account
Details of FDIC Coverage of Business Accounts. Total deposits in eligible business accounts from a corporation, partnership, LLC or unincorporated organization at a bank are covered for up to $250,000. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. Eligible business accounts for coverage from the Federal Deposit Insurance Corporation (FDIC) are checking accounts, savings accounts, money market deposit accounts, certificates of deposit (CDs), cashier's checks, money orders and other official items issued by FDIC-covered banks. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds. FDIC insurance covers all deposit accounts, including: Checking accounts. Coverage Limits by Account Category. As long as your financial institution is insured by the FDIC, which insures bank accounts, or NCUA, which insures credit union accounts, the coverage limits available from either federal agency will be the same, which is currently $250,000 per depositor, per financial institution (not per branch location). Staff Report | January 18, 2013. Because unlimited FDIC coverage for IOLTA accounts expired on December 31, the Ohio Legal Assistance Foundation learned this week that some attorneys may believe it necessary to break up IOLTA accounts so that they do not have more than $250,000 in an IOLTA account at any bank. Currently, both the FDIC and the NCUA insure deposits of up to $250,000. But that doesn’t mean you can’t protect more than that with government insurance. The amount of coverage you receive ultimately depends on the types of accounts you have and whether you have a joint account holder. Beginning January 1, 2013, all types of trust accounts, including IOLTAs (Interest on Lawyer Trust Accounts), reverted to the standard maximum deposit insurance amount of $250,000. The FDIC considers IOLTA accounts fiduciary in nature, which makes them eligible for pass-through coverage on a per-client basis. For example, if a corporation owns a checking account with $150,000 and a CD for another $150,000 at the same bank, the FDIC only insures $250,000 and not the remaining $50,000. The corporation would need to transfer the remaining $50,000 to another bank, so those funds become eligible for FDIC coverage. Each depositor insured to at least $250,000 per insured bank. Understanding Deposit Insurance. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations.
Up to $250,000.