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Maximizing Your FDIC Insurance Coverage

  • Posted on May 03, 2023
We’re all used to the idea of purchasing insurance for important things—our health, our life, our houses. But what about our money?

You may be wondering, especially with recent headlines, if your money is covered—and what would really happen if your bank were to fail.

As a customer of United Community Bank, no matter what happens, your deposits are covered by the FDIC up to the maximum allowed by law. 

What’s the FDIC?

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the US government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails.

How can I make sure I’m covered?

If your account is at an FDIC-insured bank like United, you’re automatically covered. Your deposits are insured up to $250,000 per depositor, per FDIC-insured bank, per ownership category.

It’s also important to make sure that your money is in a deposit account like a checking, savings, Money Market, or CD for it to be insured. The FDIC does not cover things like mutual funds, annuities, life insurance policies, and stocks and bonds.

What if I have more than $250,000?

There are still plenty of ways to make sure your money is covered. Refer to the infographic above.

To learn more about your options and make sure you’re covered, you can use the FDIC’s Electronic Deposit Insurance Estimator (EDIE).

We’re Here to Help

We’ve been providing customers with a secure and safe place to bank since 1950, and we take that commitment to you seriously. As a customer of United, you can be confident that the money you’ve earned is protected, and in good hands. If you’ve got more questions or you want to discuss your options, we’d love to meet with you. Click here to schedule an appointment with your local banker.

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