The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC's creation in 1933, no depositor has ever lost even one penny of FDIC-insured deposits.
On July 21, 2010, The Dodd-Frank Wall Street Reform and Consumer Protection Act made permanent the current standard maximum deposit insurance amount of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category.
For more information about FDIC insurance coverage, visit www.fdic.gov.
You can increase your personal FDIC insurance coverage with proper structuring of accounts (i.e. joint tenants, trust, payable on death accounts, etc.). Ask a personal banker for more information.