Take comfort in knowing that we are a member of the Federal Deposit Insurance Corporation (FDIC). What does that mean for you? Keep reading to learn how FDIC coverage provides coverage for your accounts.
What is the FDIC?
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits if a member institution fails.
Who backs the FDIC?
FDIC insurance is backed by the full faith and credit of the United States government.
What is covered by FDIC Insurance?
Various types of deposits held at member institutions are covered by FDIC insurance including:
- Checking Accounts
- Savings Accounts including Money Market Accounts (MMA)
- Time Accounts such as Certificate of Deposits (CDs)
- Deposit products (such as CDs and Savings Accounts) held in IRAs and other retirement accounts.
How much is covered by FDIC Insurance?
The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank for each account ownership category.
What if I have more than $250,000 at a member institution?
You can use the FDIC online calculator (https://edie.fdic.gov/index.html) to determine the insurance rules and limits applied to your specific group of deposit accounts per member bank.
How do I get FDIC Insurance?
You do not have to fill out anything to receive FDIC insurance from a member bank. This insurance is automatically granted.
Are all banks FDIC Insured?
While Veritex Community Bank is a member of the FDIC, not all financial institutions are insured by the FDIC. Always look for the FDIC logo at a financial institution and their product info.
Where can I go to learn more about the FDIC?
More details about FDIC insurance can be found at https://www.fdic.gov/