FDIC Deposit Insurance Coverage
Frequently Asked Questions



What is the FDIC?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.

What types of accounts are eligible for FDIC insurance?

FDIC insurance covers funds in deposit accounts, including checking, NOW and savings accounts, money market deposit accounts and certificates of deposit (CDs) up to the insurance limits.
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 or savings association.

Do I need to apply for FDIC insurance coverage?

There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.

How can I keep my deposits within FDIC insurance limits?

If you and your family have $250,000* or less in all of your deposit accounts at the same insured bank or savings association, you do not need to worry about your insurance coverage — your deposits are fully insured. A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts.
If you have questions about FDIC coverage limits and requirements, visit www.myFDICinsurance.gov or call toll-free 1-877-ASK-FDIC.

*On May 20, 2009, FDIC deposit insurance temporarily increased to $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 for all account categories except for IRAs and certain retirement accounts which will remain at up to $250,000 per depositor.

What are the basic FDIC coverage limits?

To ensure funds are fully protected, depositors should understand their coverage limits. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank. The chart shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.

On May 20, 2009, FDIC deposit insurance temporarily increased to $250,000 per depositor through December 31, 2013.

Basic FDIC Deposit Insurance Coverage Limits*

Single Accounts (owned by one person) $250,000 per owner
Joint Accounts (two or more persons) $250,000 per co-owner
IRAs and certain other retirement accounts $250,000 per owner
Trust Accounts $250,000 per owner per beneficiary subject to specific limitations and requirements
Corporation, Partnership and Unincorporated Association Accounts $250,000 per corporation, partnership or unincorporated association
Employee Benefit Plan Accounts $250,000 for the non-contingent, ascertainable interest of each participant
Government Accounts $250,000 per official custodian
Non-interest Bearing Transaction Accounts $250,000 per Owner OR Unlimited coverage — only at participating FDIC-insured banks and savings associations **

If you have questions about FDIC coverage limits and requirements, visit www.myFDICinsurance.gov or call toll-free 1-877-ASK-FDIC.

*On January 1, 2014, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner.

**Unlimited deposit insurance coverage is available through December 31, 2009, for non-interest bearing transaction accounts at institutions participating in FDIC’s Temporary Liquidity Guarantee Program. First Command Bank has chosen not to participate in the FDIC’s Transaction Account Guarantee Program. Customers of First Command Bank with noninterest-bearing transaction accounts will continue to be insured through December 31, 2013 for up to $250,000 under the FDIC’s general deposit insurance rules.