In addition to the vaults, security guards, and fraud protection measures that banks use to keep your money safe, a higher level of security is protecting your funds – the FDIC, or Federal Deposit Insurance Corporation. The FDIC is a type of government-sponsored insurance, protecting consumers against bank robberies, natural disasters, bank failures, and other unforeseen events. The FDIC insures deposits and assesses the health of financial institutions across all 50 states.

The FDIC was created in 1933 by the federal government, in the depths of the Great Depression. Congress wanted a mechanism in place that would guarantee the safety of deposits in member banks. And according to the FDIC, "no depositor has ever lost a single penny of FDIC-insured funds."


Before opening a deposit account, look for the logo that says, “Member FDIC”

Fortunately for consumers, there are over 7,000 financial institutions that are FDIC-insured, including Wells Fargo. FDIC insurance limits cap at $250,000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings options. Some items that are not FDIC-insured include mutual funds, safety deposit box contents, annuities, and others. It is possible to qualify for more than the current $250,000 in coverage depending on type of account and ownership category; you should ask your banker about your specific situation or visit the FDIC for more information.

FDIC-insured accounts give you the peace of mind you need to build your personal wealth, so you can have the confidence to start saving today.

Only banks are members of the FDIC.

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