Are your bank accounts protected?

 Bank Strength Ratings 

may be a good indication as to whether or not you’ll ever need this information!

The FDIC is an independent agency of the U.S Government that protects the deposits of people who have accounts with FDIC insured banks or savings associations. If the insured bank or savings association fails, accounts are insured up to a total of $100,000 per depositor, per insured bank. Certain retirement accounts may be insured up to $250,000 per owner, per insured bank.

Insured institutions will display the official FDIC teller sign where deposits are received

Deposits held at different branches of an insured bank are NOT qualified to receive additional insurance above the $100,000 total; however, different accounts held in different categories of legal ownership may meet requirements to have coverage beyond the basic $100,000 amount.

Following are the eight ownership categories recognized by the FDIC

• Single Accounts
• Certain Retirement Accounts
• Joint Accounts
• Revocable Trust Accounts
• Irrevocable Trust Accounts
• Employee Benefit Plan Accounts
• Corporation/Partnership/Unincorporated Association Accounts
• Government Accounts

For full information on the descriptions of the above types of recognized accounts, as well as the requirements that must be met in order to establish coverage beyond the basic $100.000, visit

http://www.fdic.gov/deposit/deposits/index.html

It is important to note that FDIC protection does NOT cover money invested in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if these investments were bought from an insured bank.