FDIC Insurance

The account categories eligible for FDIC protection include:

• Checking Accounts
• Negotiable Order of Withdrawal (NOW) Accounts
• Savings Accounts
• Money Market Accounts (MMAs)
• Time Deposits, such as Certificates of Deposit (CDs)
• Cashier's Checks, Money Orders, and other official items issued by a bank 

If your bank were to fail and not be FDIC insured, your deposits will not be covered. It is important to be at an FDIC insured bank because your deposits will be automatically covered up to $250,000 per depositor, per institution for each account ownership category.

• Stocks
• Bonds
• Mutual Funds
• Crypto Assets
• Life Insurance Policies
• Annuities
• Municipal Securities
• Safe deposit boxes and their contents
• U.S. Treasury bills, bonds or notes (these are backed by the full faith and credit of the U.S. Government) 

The FDIC was established in 1933 in response to the bank failures during the Great Depression.

As of January 1, 2013, all a depositor’s accounts at an insured depository institution, including noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000) per depositor, per insured bank, for each account ownership category.

No. Coverage is automatic if the account is an FDIC insured product held at a FDIC insured institution such as Truist.

The FDIC provides insurance coverage up to $250,000 for each depositor, per FDIC-insured institution and per ownership category. The FDIC offers distinct coverage for deposits in different account ownership categories. Coverage limits pertain to the total of all deposits an account holder has in the ownership categories at each FDIC-insured bank. Use the FDIC’s Electronic Deposit Insurance Estimator to estimate your coverage (https://edie.fdic.gov/calculator.html). 

In the rare case a bank fails, such as by losing the ability to pay bank debts or return deposits to customers, a bank regulator closes that institution.