Federal Deposit Insurance Corporation (FDIC) News

The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for at least $250,000; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.

An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure. (taken from www.fdic.gov/about/learn/symbol/index.html)

EDIE (Electronic Deposit Insurance Estimator)

For your convenience, below is a link to EDIE (Electronic Deposit Insurance Estimator) on the FDIC's website. EDIE is designed to give an accurate deposit insurance calculation, assuming it is properly used and the account information is correctly entered. However, the results and conclusions generated by EDIE are strictly advisory. All actual claims for deposit insurance shall be governed exclusively by information set forth in the FDIC-insured institution's records and applicable federal statutes and regulations then in effect. This calculation is based on the deposit insurance regulations in effect as of July, 2011. The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. https://www.fdic.gov/edie/calculator.html.