FDIC Insured Deposits

FDIC Insured Deposits

March 25, 2020



The Federal Deposit Insurance Corp. (FDIC) insures all types of deposit accounts including checking accounts, savings accounts, money market deposit accounts and certificates of deposit (CDs). 

The standard insurance coverage amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership.  They refer to these different categories as ownership categories. This means that you may have multiple accounts with us that may qualify for more then $250,000 in insurance coverage if your funds are deposited in different ownership categories.

Some basic examples of how you can expand your coverage beyond $250,000 include:

  • Accounts owned by a single person are separately insured from joint accounts or retirement accounts owned by that person.
  • Two individuals can each have $250,000 insured in separate accounts with one name each and have another $500,000 insured in an account that is in both their names.

In addition, Revocable Payable on Death (POD) accounts are another option that will allow you to expand your coverage beyond $250,000.  For example all of the following accounts could be insured for one couple at Bank of the Valley as follows:

  • Joe Doe, POD to Jane Doe:  $250,000
  • Jane Doe, POD to John Doe:  $250,000
  • John and Jane Doe, POD to (3 beneficiaries) $750,000
  • John and Jane Doe POD to (5 beneficiaries)  $1,250,000

The maximum deposit insurance coverage for each owner is determined by multiplying $250,000 times the number of beneficiaries.

As a Bank of the Valley customer, you can bank with confidence knowing that your money is safe because it is insured by the FDIC and held in a well-capitalized and well-regulated bank.

The FDIC is the best source for tools to determine you deposit insurance coverage, including an online Electronic Deposit Insurance Estimator that can be found on the FDIC’s website at www.fdic.gov/edie

You can also contact any of our branch locations for help calculating your coverage.