FDIC deposit insurance only covers deposits, and only if your bank is FDIC-insured. Know Your Risk. Protect Your Money. 

To increase the public’s awareness of deposit insurance and how it can protect people’s money in the event of a bank’s failure, the Federal Deposit Insurance Corporation (FDIC) recently launched a national campaign, “Know Your Risk. Protect Your Money.” The consumer-focused campaign aims to reach those who may have lower confidence in the U.S. banking system or who are unbanked, as well as those who use mobile payment systems, alternative banking services and financial products that may appear to be FDIC-insured but are not.

Following three regional bank failures earlier this year, a Gallup poll found nearly half of Americans surveyed are worried about the safety of their money deposited into banks and other financial institutions. This uncertainty also suggests a significant percentage of those surveyed are unaware money deposited into an FDIC-insured bank is protected up to at least $250,000. More than 99 percent of deposit accounts in the U.S. today are under this deposit insurance coverage limit and are fully protected by the FDIC. Since the FDIC’s creation 90 years ago, no depositor has lost a penny of their insured deposits.

The FDIC has also observed an increasing number of instances online where firms or individuals have misused the FDIC’s name or logo, or have made false or misleading representations about deposit insurance, raising confusion among consumers about the insurability of nonbanks and crypto-assets. To determine if an institution is FDIC-insured, you can ask a representative of the institution, look for the FDIC sign at the institution, or use the FDIC’s BankFind tool. 

An FDIC-insured account remains the safest place for you to keep your money. FDIC’s Electronic Deposit Insurance Estimator (EDIE), found at https://edie.fdic.gov, can help you determine deposit insurance coverage based on accounts you already have with a bank or accounts you are considering opening. 

As a reminder, keeping large sums of cash in your home is not advisable because it puts these funds at risk of theft, fire, flood, loss or damage. 

The FDIC’s public awareness campaign features a piggy bank, which is commonly associated with money and personal savings, placed in potentially risky situations. Recognizing that many Americans may be putting their money at risk, the advertisements emphasize, “Know Your Risk. Protect Your Money.” The campaign consists of digital display ads, including web banners, as well as search engine marketing and sponsored social media that connect consumers to deposit insurance information and resources on the FDIC’s website in English and Spanish. The digital campaign will run through November and will resume in January 2024 with the start of traditional tax filing season and when many consumers receive refund payments.

For more information, please visit FDIC.gov/news/campaigns/know-your-risk and follow on social media at #IsYourMoneyInsured.

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