Released: March 15, 2023

Here’s what deposit insurance covers

Source: Michelle Singletary, Washington Post (Paid Registration)

If you are unsure whether your money is federally insured, use the FDIC’s tool, the Electronic Deposit Insurance Estimator. It helps consumers figure out on a per-bank basis how much of their money, if any, exceeds coverage limits.

Insurance works by ownership categories, and each is insured separately for up to $250,000. Here are the four most common categories: individual, joint, retirement and trust. Here’s an example of how the coverage would work for a married couple:

Husband has upward of $250,000 in individual accounts.

Wife has upward of $250,000 in individual accounts.

Husband and wife have upward of $500,000 in joint accounts.

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