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| FDIC Estimator & FAQ |
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With EDIE, you can:
- Learn about deposit insurance
- Learn how FDIC calculates deposit insurance
- Estimate the adequacy of your deposit insurance
To Access EDIE
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What Is the FDIC?
The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. The FDIC 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. The term "insured bank" is used on this website to mean any bank or savings association with FDIC insurance.
Why Is FDIC Insurance Important to You?
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. Even with these safeguards, some insured banks fail. If your insured bank fails, FDIC insurance will cover your deposits, dollar for dollar, including principal and any accrued interest, up to the insurance limit.
Historically, insured deposits are available to customers of a failed bank within just a few days. Since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.
What Does the FDIC Insure?
The FDIC insures all deposits at insured banks, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.
The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank.
Basic Insurance Amount Is $250,000*
The basic insurance amount is $250,000 per depositor per insured bank.
If you and your family have $250,000* or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage -- your deposits are fully insured.
Coverage Over $250,000*
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.
You may qualify for more than $250,000* in coverage at one insured bank if you own deposit accounts in different ownership categories.
FDIC Deposit Insurance Coverage of Non-Interest-Bearing Deposit Transaction Accounts
What is the Additional Coverage on Deposits?**
The FDIC will provide full deposit insurance coverage for non-interest bearing deposit transaction accounts, regardless of dollar amount.
*Effective May 20, 2009, deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)
**Cardinal Bank is participating in the FDIC's Transaction Guarantee Program. That program has been extended, until December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules. Negotiable order of withdrawal accounts (NOW accounts) are not guaranteed under the Transaction Account Guarantee Program, however, NOW accounts will still receive the standard coverage under the FDIC's general deposit insurance rules.
The extension announced on May 20, 2009, does not apply to the Transaction Account Guarantee Program. The unlimited coverage under the Transaction Account Guarantee Program is only in effect through December 31, 2010.
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