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.
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.
What’s the FDIC?
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.
How can I make sure I’m covered?
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.
There are still plenty of ways to make sure your money is covered. Refer to the infographic above.
What if I have more than $250,000?
To learn more about your options and make sure you’re covered, you can use the FDIC’s Electronic Deposit Insurance Estimator (EDIE).