The Federal Deposit Insurance Corporation has ensured the safety and security of our nation’s financial institutions since 1933.
FDIC deposit insurance coverage depends on two things: (1) whether your chosen financial product is a deposit product; and (2) whether your bank is FDIC-insured.
The FDIC covers:
Negotiable order of withdrawal (NOW) accounts
Money market deposit accounts (MMDAs)
Time deposits such as certificates of deposit (CDs)
Cashier’s checks, money orders, and other official items issued by a bank
There is no application required to qualify for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, make sure you are depositing your funds in a deposit product at the bank.
Click on the link provided here for additional information about FDIC deposit insurance http://www.fdic.gov. There are brochures, calculators and helpful articles to guide you.
Contact 815-857-3625 ext. 5305 with additional questions regarding your FDIC deposit insurance.