What is the FDIC?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created to maintain stability and public confidence in the nation's financial system.

The FDIC carries out this mission by insuring deposits. The FDIC examines and supervises financial institutions for financial strength and client protection.

What Does it Mean When a Bank is FDIC Insured? 

When a bank is an FDIC Member, it means the FDIC Insurance protects depositors if an FDIC-insured bank fails. The agency provides insurance coverage for deposits held at the institution. The insurance provided by the FDIC is fully backed by the United States Government. 

What Types of Accounts Does the FDIC Insure? 

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

What Investments Products are NOT Insured by the FDIC?*

  • Stock investments
  • Bond investments
  • Mutual Funds
  • Crypto Assets
  • Life insurance Policies
  • Annuities 
  • Municipal Securities
  • Safe Deposit Boxes or their contents 
  • U.S. Treasury bills, bonds or notes*

What is the Limit for FDIC insurance coverage?

The limit for FDIC insurance coverage depends on whether your chosen financial product is a deposit product; and (2) whether your bank is FDIC-insured. Deposits at FDIC-insured institutions are insured up to $250,000 per depositor for each account ownership category.  Learn more at: http://www.fdic.gov/deposit*


How Do You Maximize FDIC?

The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. In addition to single and joint ownership categories, other account types opened at the same or different bank will allow you to raise your FDIC insurance limit by $250,000 per ownership category. Some additional ownership categories include:

  • Certain Retirement Accounts
  • Revocable Trusts
  • Irrevocable Trusts
  •  Employee Benefit Plan Accounts
  • Corporation
  • Partnership
  • Unincorporated Association Accounts
  • Government Accounts.

For example, if you are married and have a joint account, you will be insured for $250,000 per person in the joint ownership category, with a total of $500,000 total.

Electronic Deposit Insurance Estimator (EDIE)

EDIE is designed to give an accurate deposit insurance calculation, assuming it is properly used and the account information is correctly entered. However, the results and conclusions generated by EDIE are strictly advisory. All actual claims for deposit insurance shall be governed exclusively by information set forth in the FDIC-insured institution's records and applicable federal statutes and regulations then in effect. This calculation is based on the deposit insurance regulations in effect as of July, 2011. The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category.
To create a report, please visit: https://edie.fdic.gov/calculator.html

Questions About FDIC Insurance? 

FDIC insured investments are backed by the full faith and credit of the U.S. Government 

For more information on investment insurance, please visit: https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits/

Please note, the standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. 

City National Bank of Florida clients do not have to purchase deposit insurance. When opening an account in an FDIC-insured bank, deposits are automatically covered. 

For more information regarding FDIC coverage, please visit: https://www.fdic.gov/ or call

* Investment products are not insured by the FDIC or by any federal government agency. They are not a deposit or other obligation of, or guaranteed by City National Bank of Florida or any of its affiliates. 

They are subject to investment risks, including possible loss of the principal amount invested. Some securities products may be provided by Bci Securities Inc. City National Bank of Florida is an FDIC insured institution and not a broker dealer. Bci Securities, Inc. is a registered broker dealer and insured by SIPC. Bci Securities is an affiliate of City National Bank of Florida under common ownership. City National Bank of Florida doe not provide any tax or legal advice.