How to verify your bank's FDIC insurance status

You can check whether a bank is FDIC insured by searching the FDIC's BankFind tool on fdic.gov. Enter the bank's name, city, or state, and the tool will show you its insurance status, the date it joined the FDIC, and which branch locations are covered. If a bank does not appear in BankFind, it is not FDIC insured.

The FDIC also publishes a complete list of all insured institutions, updated daily. You can download this list by state or search it online. If you are unsure whether your specific branch is covered — particularly if you use a smaller bank or credit union — BankFind will tell you which locations have FDIC protection and which do not.

Some banks display the FDIC logo on their website or in their lobby, but this is not a may provide. The logo alone does not prove current insurance status. Always use BankFind to confirm, especially before moving a large deposit or opening a new account.

Key Takeaways

  • The FDIC's BankFind tool on fdic.gov is the official way to confirm whether a bank is insured and which of its branches are covered.
  • If a bank does not appear in BankFind, it has no FDIC insurance, and your deposits above $250,000 per account category are not protected.
  • FDIC insurance covers up to $250,000 per depositor, per bank, per account category — not per account or per branch.
  • Credit unions are not FDIC insured; they are insured by the NCUA (National Credit Union Administration) instead, which offers the same $250,000 protection.

What happens if your bank fails and it is FDIC insured

If an FDIC-insured bank fails, the FDIC steps in as receiver and protects your deposits up to $250,000 per account category. The FDIC does not close your account or freeze your money. Instead, it either arranges for another bank to take over the failed bank's deposits, or it pays you directly from the insurance fund.

In most cases, depositors regain access to their money within one to three business days. The FDIC transfers insured deposits to a healthy bank, and you can continue using your debit card and online banking as if nothing changed. You do not need to do anything — the FDIC handles the process automatically.

If your balance exceeds $250,000 in a single account category at that bank, only the insured portion is protected. The uninsured amount becomes a claim against the failed bank's assets, which may recover some or all of it, but recovery is not may provide and can take years.

Account categories and how they affect your coverage

FDIC insurance covers $250,000 per account category, not per account. This means you can have multiple accounts at the same bank and receive full coverage on each one, as long as they fall into different categories. The main categories are:

  • Single accounts — money in your name alone, covered up to $250,000.
  • Joint accounts — money you own with another person, covered up to $250,000 per co-owner (so a joint account with one other person is covered up to $500,000 total).
  • Retirement accounts — IRAs and other retirement plans, covered up to $250,000 separately from your single account.
  • Trust accounts — money held in trust for beneficiaries, covered up to $250,000 per beneficiary (up to five beneficiaries per trust).
  • Payable-on-death (POD) accounts — accounts designated to pass to a named person, covered up to $250,000 per beneficiary.

If you have $200,000 in a single account and $100,000 in a joint account at the same FDIC-insured bank, both are fully covered because they are different categories. If you have $300,000 in a single account, only $250,000 is insured; the extra $50,000 is not protected.

Banks that are not FDIC insured

Not all financial institutions are FDIC insured. Credit unions are insured by the NCUA (National Credit Union Administration) instead, which offers the same $250,000 per account category protection. If you bank at a credit union, check the NCUA's Credit Union Locator tool to confirm your institution's insurance status.

Some online banks, investment firms, and money services are not FDIC insured at all. Brokerage accounts, money market funds, and stocks held at investment firms are not covered by FDIC insurance. If you use a service that is not a traditional bank, ask directly whether your deposits are insured and by which agency.

Foreign banks operating in the United States may not be FDIC insured, even if they have U.S. branches. Always verify through BankFind before depositing money with an unfamiliar institution.

What FDIC insurance does and does not cover

FDIC insurance covers money deposited in checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs). It protects against bank failure only — if your bank closes, your insured deposits are protected.

FDIC insurance does not cover investment losses, fraud, or theft. If you lose money because of a bad investment decision, a scam, or unauthorized access to your account, FDIC insurance does not reimburse you. It also does not cover safe deposit boxes, items stored in them, or any valuables kept at the bank.

If someone steals from your account through fraud or identity theft, you have other protections under federal law (such as Regulation E for electronic transfers), but these are separate from FDIC insurance. Report fraud to your bank immediately and to the Federal Trade Commission.

How to structure deposits if you have more than $250,000

If you have more than $250,000 to deposit, you can spread it across multiple account categories at the same bank to keep all of it insured. For example, you could open a single account with $250,000, a joint account with $250,000, and a retirement account with $250,000 — all at the same bank, all fully insured.

You can also split deposits across multiple FDIC-insured banks. Each bank provides separate $250,000 coverage per account category, so $250,000 at Bank A and $250,000 at Bank B are both fully insured. This strategy is common for people with large savings or business accounts.

Some people use trust accounts to increase coverage. A trust account with five named beneficiaries can be insured up to $1.25 million ($250,000 per beneficiary), though the trust document must be properly structured and the beneficiaries must be clearly named.

Frequently Asked Questions

Does FDIC insurance cover my money if the bank is hacked?

No. FDIC insurance only protects against bank failure. If your account is hacked or compromised, you have other protections under federal law, but not FDIC insurance. Report unauthorized transactions to your bank within 60 days to limit your liability.

If I have $500,000 at an FDIC-insured bank, how much is protected?

It depends on how the money is structured. If all $500,000 is in a single account in your name, only $250,000 is insured. If you split it into a $250,000 single account and a $250,000 joint account (with another person), both are fully insured. Use different account categories to maximize coverage.

Are online banks FDIC insured?

Many online banks are FDIC insured, but not all. Search the bank's name in the FDIC's BankFind tool to confirm. Online banks that are FDIC insured offer the same $250,000 per account category protection as brick-and-mortar banks.

What is the difference between FDIC and NCUA insurance?

FDIC insures banks; NCUA insures credit unions. Both offer $250,000 per account category protection. If you bank at a credit union, search the NCUA Credit Union Locator to confirm your institution is insured.

If my bank merges with another bank, does my FDIC coverage change?

When two FDIC-insured banks merge, your coverage may change depending on how your accounts are structured. If you have accounts at both banks before the merger, they may be treated as separate institutions for insurance purposes for a limited time. Contact the merged bank or check BankFind to understand how the merger affects your coverage.