Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
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FDIC insurance is a crucial safeguard for your deposits, offering protection up to $250,000 per depositor, per insured bank, for each account category. This coverage automatically applies if your account is under the Federal Deposit Insurance Corp. umbrella.
FDIC insurance covers a variety of accounts and products at insured banks, including:
FDIC insurance covers deposits up to $250,000 per depositor, per FDIC-insured bank, in each ownership category. These categories include:
Deposits exceeding the $250,000 limit per account holder might not be FDIC-insured. For instance, if you have $300,000 in a single account, only $250,000 would be covered. To ensure full coverage, consider spreading your deposits across multiple FDIC-insured banks.
If a bank fails, the FDIC either finds a buyer for the bank’s assets or pays the deposits directly to eligible account holders. Most banks are FDIC-insured, but it’s wise to verify your bank’s status using the FDIC’s BankFind tool.
Credit unions are not covered by FDIC insurance but are insured by the National Credit Union Administration (NCUA), which provides similar coverage limits.
FDIC insurance is a vital protection for millions of bank customers in the U.S. While it covers many types of accounts, it does not cover all financial products. To ensure your deposits are fully protected, consider distributing your funds across multiple insured banks.
For any mortgage-related needs, feel free to call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.
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