The benefit of making sure your account is at an FDIC-insured institution is that your deposits are protected by the federal government up to $250,000 per depositor, per insured bank, for each account ownership category. This means if the bank fails, the FDIC guarantees you will get your insured deposits back, providing peace of mind and financial security

. Key advantages include:

• Protection Against Bank Failure: If your bank goes out of business, the FDIC steps in to reimburse you up to the insured limit, so you do not lose your money

• Automatic Coverage: FDIC insurance applies automatically when you open an account at an FDIC-member bank; no extra steps or fees are required

• Encourages Trust and Stability: FDIC insurance helps maintain public confidence in the banking system, reducing the risk of bank runs and promoting financial stability

• Coverage Across Account Types: It covers checking, savings, money market accounts, CDs, IRAs, trusts, and certain business accounts, providing broad protection for your deposits

• Peace of Mind: Knowing your money is federally insured up to $250,000 allows you to save and manage your funds without fear of losing them due to bank insolvency

In summary, ensuring your account is FDIC-insured safeguards your deposits against bank failures, supports the stability of the banking system, and gives you confidence that your money is secure up to the insurance limits