FDIC Deposit Insurance: What's Not Covered?
WEB Products and Risks Not Covered
The Federal Deposit Insurance Corporation (FDIC) is concerned that some customers of financial institutions may not realize that all of their deposits are not covered by FDIC deposit insurance. FDIC insurance protects depositors up to $250,000 for each depositor, for each insured bank, and for each account ownership category. However, not all products and accounts offered by financial institutions are eligible for FDIC deposit insurance.
What's Not Covered?
The FDIC deposit insurance does not apply to the following:
- Investments, such as stocks, bonds, and mutual funds
- Annuities
- Insurance policies
- Safe deposit boxes
It is important to note that even if a financial institution is FDIC-insured, not all of its products and accounts are necessarily covered by FDIC deposit insurance. For example, some banks offer investment accounts that are not FDIC-insured. It is important to read the terms and conditions of your account agreement carefully to determine whether your deposits are covered by FDIC deposit insurance.
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