FDIC Deposit Insurance
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is 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. 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.
Being a FDIC member, we at Washington Business Bank help protect the funds of our depositors with FDIC Deposit Insurance. 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
- Savings accounts
- Money market deposit accounts
- Certificates of deposit
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 up to $250,000 per depositor, per insured bank, for each account ownership category.