Things to know about FDIC coverage after SVB and signature bank failures

A man walks past the Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California.

Liu Guanguan | Getty Images

CNBC FA Council members share their strategies for a volatile market

Most consumers have FDIC coverage

More from Ask an Advisor

Here are more perspectives from the FA Council on how to navigate this economy while building wealth.

According to Jude Boudreaux, CFP and senior financial planner at the New Orleans Planning Center, who is also a member of CNBC’s Financial Advisor Council, the amount of insurance is based on the rightful owner’s name.

For example, a married couple with a business may have insured up to $250,000 in an account in the name of one spouse, up to $250,000 in an account in the other spouse’s name, and up to $250,000 in a business account.

How to Verify and Strengthen FDIC Coverage

If you want to know if your deposits are FDIC-insured, check your statement, Jenkin said.

“When you go to a bank or put your money anywhere, the first question you should ask is, ‘The money I’m putting in now, is it FDIC insured?'” Jenkin said.

The majority of Americans will be covered by FDIC insurance.


CEO of oXYGen Financial

You can also check the FDICs Electronic Deposit Insurance Estimator to see if your funds are insured with your institution and if any portion exceeds the coverage limits.

One way to increase your FDIC coverage is to open accounts with other banks, especially if you have more than $250,000 in deposits, Boudreaux said.

If you want additional coverage, you should also speak to your current bank, Boudreaux suggested. In some cases, they may work with other FDIC-insured entities to protect and insure larger cash deposits.

What FDIC insurance covers:

  • Accounts with Negotiable Payout Order (NOW).
  • Money Market Deposit Accounts (MMDAs)
  • Term deposits such as certificates of deposit (CDs)
  • Cashier’s checks, money orders, and other official items issued by a bank

What FDIC insurance does not cover:

  • Lockers or their contents
  • US Treasury bills, bonds or debentures (These investments are backed by the full trust and credit of the US government).

Source: FDIC

Other financial safety nets also provide protection Things to know about FDIC coverage after SVB and signature bank failures

Sportsasff is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button