Are My Deposit Accounts Insured by the FDIC?

With bank failures being more pervasive in today’s media, it is helpful to review the amounts the Federal Deposit Insurance Corporation (FDIC) may cover and how individual scenarios may affect coverage. Below is a link to the FDIC’s webpage detailing covered financial accounts and coverage limits:

For example, with solo accounts, the FDIC insures no more than $250,000 at one bank in an individual’s sole name. If the bank fails and a person has $25,000 in a savings account, $25,000 in a checking account and $275,000 in a money market deposit account, the person potentially may lose $75,000.

Additionally, for most jointly owned accounts, where two living people have equal rights of withdrawal to a checking and savings account, then each individual would be insured for $250,000 for a total of $500,000. As an illustration, if a couple has $800,000 in one bank in both their names and the bank fails, they potentially may lose $300,000.

The FDIC also provides its Electronic Deposit Insurance Estimator (EDIE) tool to help depositors estimate their total FDIC insurance coverage on all types of bank accounts at a single bank and can be found at:

If you have any estate or tax planning questions, please contact on of our knowledgeable attorneys or call for more information at 206-624-6271.

Please note, individual circumstances vary and you should always seek independent expert advice regarding your financial accounts. All links to external websites and examples are provided for informational purposes only.