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In times of uncertainty, it’s hard for anyone to feel too prepared or cautious. As citizens, companies and governments worldwide deal with COVID-19, it’s natural to want to feel a little safer; to have a little extra security; to hold things a little bit closer. Optimism is warranted, though: Communities and individuals are pulling together every day in inspiring ways, and financial institutions like Key are still working to manage your money where it’s safest for you and your future.

It is common to want to feel that sense of security and have your money just a little closer to you. But keep this in mind: deposits at an FDIC covered institution are insured up to at least $250,000 per depositor. For certain ownership categories, the limit may be higher. Please visit fdic.gov/deposit for detailed information.

That’s a solid guarantee, and it’s no wonder the FDIC website states proudly, “Since 1933, no depositor has ever lost a penny of FDIC-insured funds." Stability like this is a valued assurance during times when financial decisions carry the most weight. Like our friends, family and neighbors, it’s something we can rely upon.

Most banks clearly note their FDIC membership at their branches and online, but you can always check on your financial institution by using the FDIC’s BankFind page. Credit Unions are able to offer similar insurance through the National Credit Union Administration (NCUA) and participation can be confirmed on NCUA’s Research page.

Digging into Details

Not every type of account is covered by the FDIC’s standard deposit insurance. Things like checking and savings accounts, money market deposit accounts (MMDAs) and certificates of deposit (CDs) are covered, while investment accounts like mutual funds, annuities, and stocks and bonds are not, since they’re not classified as “deposit products.” Some retirement accounts, including traditional and Roth individual retirement accounts (IRAs), can also be FDIC-insured. The FDIC website offers details on which retirement accounts are covered, as well as how accounts with multiple beneficiaries are insured.

Because the FDIC insures deposits according to the ownership category and how the accounts are titled, it’s possible to have more than $250,000 of insurance at one bank. A revocable trust account where one owner names three unique beneficiaries can be insured up to $750,000, for instance.

If a bank covered by the FDIC fails – it’s rare, but it happens – the FDIC’s deposit insurance offers dollar-for-dollar coverage. This includes the full account balance, plus any accrued interest due through the date of the bank’s failure – keeping in mind the $250,000 insurance limit for single ownership accounts. Typically, the FDIC pays the insurance within a few days, either by issuing checks to the customers for the insured balance or by providing a new account at another insured bank. In that case, the FDIC opens the account with the amount due to the depositor.

In some cases – accounts linked to trust documents, for instance, or those established by a third-party broker – customers with deposits exceeding $250,000 may face a bit of a wait while their accounts are reviewed to determine the right amount of insurance coverage. They may also need to provide additional information to the FDIC as part of this process.

For more info, visit the FDICʼs Frequently Asked Questions page – this is an excellent source of information on how the agency protects your money by insuring institutions like KeyBank.

This information and recommendations contained herein are compiled from sources deemed reliable, but are not represented to be accurate or complete. In providing this information, neither KeyBank nor its affiliates are acting as your agent or are offering any tax, accounting, or legal advice.

By selecting any external link on key.com, you will leave the KeyBank website and jump to an unaffiliated third-party website that may offer a different privacy policy and level of security. The third party is responsible for website content and system availability. KeyBank does not offer, endorse, recommend, or guarantee any product or service available on that entity's website.

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