Will Ardiuno – FDIC: Symbol of confidence for 75 years | SkyHiNews.com

Will Ardiuno – FDIC: Symbol of confidence for 75 years

With all of the turmoil in the financial markets lately, I have been receiving quite a number of calls and inquiries from customers about the safety of deposits accounts and how to determine if all of their funds are fully insured. Since I haven’t touched on the topic of FDIC insured accounts for a number of months, this is a good time to review just what the FDIC is and what your rights to insurance coverage are through the FDIC.

The Federal Deposit Insurance Corporation is an independent federal agency created in 1933 to promote public confidence and stability in the nation’s banking system.

Throughout its history, the FDIC has provided bank customers with prompt access to their insured deposits whenever an FDIC-insured bank or savings association has


In the FDIC’s 75 year history, no customer has ever lost one penny of insured deposits.

An FDIC-Insured Depositor’s Bill of Rights

1. You have the right to automatic deposit insurance coverage when you open a deposit account at an FDIC-insured bank, with no additional cost or action on your part.

2. You have the right to separate FDIC insurance coverage for deposits held at different FDIC-insured banks.

3. You have the right to confirm that a bank is insured by using the FDIC’s Bank Find service at www2.fdic.gov/idasp/main_bankfind.asp or by calling the FDIC toll-free at 1-877-275-3342.

4. You have the right to deposit insurance coverage of $100,000 for your deposits at an FDIC-insured bank – up to $250,000 for your IRA deposits.

5. You have the right to deposit insurance coverage of more than $100,000 at a single bank when deposits are held in different “ownership categories,” such as single, joint and trust accounts.

6. You have the right to confirm that your deposits are within the insurance limits by using the FDIC’s Electronic Deposit Insurance Estimator and other online resources at http://www.fdic.gov/deposit/deposits or by calling the FDIC at 1-877-275-3342.

7. You have the right to be informed when a financial product offered by your bank is not covered by FDIC insurance.

8. You have a right, if your bank fails, to prompt access to your insured deposits.

9. You have the right, if you are an uninsured depositor, to receive distributions from the receivership as the sale of assets permits.

10. You have the right to sleep well, knowing that since the creation of the FDIC 75 years ago, no depositor has ever lost one penny of insured deposits.

For More Help or Information from the FDIC About Deposit Insurance

Call toll-free 1-877-ASK-FDIC (1-877-275-3342) from Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.

Read or print consumer information online 24 hours a day, seven days a week, at http://www.fdic.gov. For brochures, videos and other information on FDIC insurance, go directly to http://www.fdic.gov/deposit/deposits. There you’ll also find their interactive Electronic Deposit Insurance Estimator (EDIE), which you can use to calculate the insurance coverage of your accounts and generate a printable report that clearly states if your deposits are fully insured or not.

E-mail questions to the FDIC using their Customer Assistance Form at www2.fdic.gov/starsmail.

Write a letter by writing to the FDIC, Division of Supervision and Consumer Protection, 550 17th Street, NW, Washington, DC 20429-9990

Content for this article provided by and used with the permission of the FDIC.

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