FDIC Insurance Coverage

The FDIC is an independent agency of the United States government that protects customers against the loss of their insured deposits if an FDIC-insured bank or savings association fails. Its mission is to provide insurance protection for depositors of failed banks and to help maintain sound conditions in the nation's banking system. Since its inception, the FDIC has responded to thousands of bank failures. All insured deposits of failed banks and thrifts have been protected by the FDIC.

FDIC insurance is backed by the full faith and credit of the United States government.

 

All types of deposits held at Dollar Bank are covered by FDIC insurance, including the following examples:

 

• Checking accounts
• Savings accounts
• Time accounts (CDs)
• Deposit products (such as CDs and savings accounts) held in IRAs and other retirement accounts
• Outstanding cashier’s checks, money orders, loan disbursement checks, interest checks and drafts issued by Dollar Bank

Dollar Bank, and its Bank and non-bank affiliates, also offer a range of products and investment accounts that do not qualify as deposits and are therefore not covered by FDIC insurance. Examples of non-deposit products that are not covered by FDIC deposit insurance include:

 

• Investments in mutual funds
• U.S. Treasury bills, notes and bonds purchased through an insured institution
• Annuities
• Stocks, bonds or other securities
• Insurance products
• Contents of a safe deposit box

The standard deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category.

Customers can get detailed information about specific deposit insurance coverage by accessing the FDIC's Electronic Deposit Insurance Estimator (EDIE) and entering information about their accounts at: https://edie.fdic.gov/index.html.*

Yes. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank. For example, a revocable trust account (commonly referred to as and In Trust For/Payable on Death accounts) with one owner naming three unique beneficiaries can be insured up to $750,000.

FDIC recognizes separate ownership categories, including the following:

 

• Single Ownership Accounts
• Joint Ownership Accounts
• Revocable Trust Accounts (this includes In Trust For/Payable on Death accounts and living trusts)
• Irrevocable Trust Accounts 
• Accounts held by a Custodian/Guardian
• Retirement and Employee Benefit Plan Accounts
• Corporation, Partnership or Unincorporated Association Accounts
• Government Accounts

For a basic category-by-category overview of FDIC deposit insurance coverage, you can use the FDIC Account Categories tool: https://www.fdic.gov/deposit/covered/categories.html.*

You can call the FDIC toll-free at 1-877-ASK-FDIC (877-275-3342) from 8:00 AM until 8:00 PM (Eastern Time), Monday through Friday, or contact them online at www.fdic.gov.