What to Know About FDIC Insurance
Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank like OlyFed—it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. And you don’t have to purchase deposit insurance. If you open a deposit account in an FDIC-insured bank such as OlyFed, you are automatically covered.
The Products Covered
The following are examples of deposit products that are insured by the FDIC:
- Checking Accounts
- Savings Accounts
- Money Market Deposit Accounts
- Certificates of Deposit (CD)
- Prepaid Cards*
The Amount of Coverage
The amount of FDIC insurance coverage you may be entitled to depends on the FDIC ownership category. This generally means the manner in which you hold your funds at the bank. Check out the resources below to learn more about deposit insurance (available in English & Spanish):
- Understanding Deposit Insurance
- Are My Deposit Accounts Insured by the FDIC?
- Deposit Insurance FAQs
- FDIC Calculators
The video linked below provides a basic overview of how FDIC insurance works and how you are covered.
If you have questions about your OlyFed accounts and your FDIC insurance coverage, please contact one of our friendly and knowledgeable bankers. You can also visit the FDIC Information & Support Center to submit a request for deposit insurance coverage information or call 1-877-ASK-FDIC (1-877-275-3342) to ask any other specific deposit insurance questions.
Be Cautious of Cybercriminals
News coverage over the weekend highlighted issues with the stability of two major U.S. banks: Silicon Valley Bank and Signature Bank. Events such as these are always accompanied by high levels of urgency and anxiety in the financial markets that create fraud opportunities for criminals.
Cybercriminals will use events like these to entice individuals and/or businesses to disclose sensitive information, change payment account details, or even fraudulently transfer money under false pretenses. The article linked below provides some good tips and information on how to exercise a high degree of caution and skepticism with respect to any communications or financial transactions that may involve or be related to Silicon Valley Bank and Signature Bank or the effects of their current challenges.
*Assuming certain FDIC requirements are met.
