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 maintains stability and public confidence in the U.S. financial system by protecting depositor of insured banks against the loss of their deposits in the event that the financial institution fails. The FDIC's supervision program promotes the safety and soundness of FDIC-supervised financial institutions, protects consumers' rights, and promotes community investment initiatives.

In the depths of the Great Depression, the FDIC was created by the federal Banking Act of 1933. Congress wanted a mechanism in place that would guarantee the safety of deposits in member banks. And according to the FDIC, "no depositor has lost one penny of FDIC-insured deposits." FDIC insurance covers depositors’ accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the insurance limit.


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

Fortunately for consumers, there are thousands of 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 accounts. 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 peace of mind, so you can have the confidence to manage your finances and start saving today.

Only banks are members of the FDIC.

Next Question


Empower yourself with financial knowledge

We’re committed to helping with your financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to help you increase your financial literacy and reach your financial goals.

My Financial Guide