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FDIC Insurance Coverage and NCUA Insurance Coverage

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AndySoCal
Valued Contributor

FDIC Insurance Coverage and NCUA Insurance Coverage

In the wake of the two failed banks over the weekend. I am posting the insuranace coverage for the banks (FDIC) and  credit unions (NCUA)

The the coverage for both banks and credit unions is the same. The differance is who the insurer is.  On a personal note I was customer of a bank that failed  about 13 years ago. In my case US Bank bought the bank from the FDIC. I did not lose a penny. Keep in mind the insurance is per bank-Edited to add per account titlingand account type (see coverage) at the bank not per account. @MyDataMyChoice  Thank you for the correcting my error

 

Banks

https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/index.html 

 

Credit Unions

https://ncua.gov/support-services/share-insurance-fund 

 

depositaccounts.com - One of the things the web site will tell you is the health of the bank or credit union . One of the factors is capitalization.

 

One thing that cannot be accounted in any measurement is a paniced stampede either on line or in person (a run on a bank). This was a contributing factor in the failure of one of the banks in my opinion.  The FDIC web site will walk you through your coverage.  For 99% or more of us have nothing to worry about.

 

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MyDataMyChoice
Valued Contributor

Re: FDIC Insurance Coverage and NCUA Insurance Coverage

Just FYI on your note about coverage being per bank 

it is per account titling at the bank

 

an account titled.  The following would all be separate even at the same bank 


John smith 

Mary smith 

John smith and Mary smith 

john smith POD Mary smith 

mary smith POD John smith 

life estate if John and Mary smith etc etc

 

 

 

 

 

 



Message 2 of 5
Anonymalous
Valued Contributor

Re: FDIC Insurance Coverage and NCUA Insurance Coverage

They're waiving the $250,000 FDIC insurance limit for Silicon Valley and Signature banks, so people and businesses with more than a quarter of a million will be made whole.

Message 3 of 5
ZackAttack
Established Contributor

Re: FDIC Insurance Coverage and NCUA Insurance Coverage

So how does the insurance work for personal/business?

Say I have accounts at Bank A. Bank A has personal assets and 1 LLC. Does that mean my personal assets gets up to 250k and the 1 LLC gets up to 250k???

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Message 4 of 5
Anonymalous
Valued Contributor

Re: FDIC Insurance Coverage and NCUA Insurance Coverage


@ZackAttack wrote:

So how does the insurance work for personal/business?

Say I have accounts at Bank A. Bank A has personal assets and 1 LLC. Does that mean my personal assets gets up to 250k and the 1 LLC gets up to 250k???


It's "per depositor, per insured bank, for each account ownership category". See here:

https://www.fdic.gov/resources/deposit-insurance/

 

The EDIE tool linked on the same page can be used to check to see if your accounts are covered.

 

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