This guarantee covers depositors in the event that an FDIC-insured bank or savings association fails. Maximizing Your Protection If you maintain balances that exceed the $250,000 threshold, there are strategic ways to ensure full coverage.
False Security: The Hidden Risk of Uninsured Bank Accounts
This includes checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs). When you open a qualifying savings account at an insured bank, you are immediately protected without the need to pay a separate premium or file additional paperwork.
You can also utilize the FDIC's BankFind tool, an online search engine that allows you to verify the insurance status of any insured institution. Spread your deposits across different account ownership categories, such as individual, joint, and trust accounts.
False Security: The Hidden Risk of Uninsured Bank Accounts
However, if your balances exceed that threshold at a single institution, amounts above $250,000 are not covered. When you park cash in a bank, the first question that should come to mind is safety.
More About Is a savings account fdic insured
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