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The Federal Deposit Insurance Corporation (FDIC) is an independent government agency that exists to protect deposited funds located in the United States in the event that an FDIC-insured financial institution fails. FDIC deposit insurance is backed by the U.S. government. The FDIC was established by the Banking Act of 1933, in response to the Great Depression and the bank failures that were occurring during that period. Since the FDIC began operating on January 1, 1934, no depositor has lost any insured funds due to a bank failure.

What is insured by the FDIC?

FDIC insurance covers funds in deposit accounts located in the United States. These include checking accounts, savings accounts, certificates of deposit (CDs), and money market deposit accounts. Coverage is automatic; depositors do not need to ask for it.

What is not covered by FDIC insurance?

Remember, FDIC insurance covers deposit products only. Therefore, investment products such as stocks, annuities, securities, and bonds are not insured. Contents of safe deposit boxes are not insured.

How much coverage is provided?

The standard amount of coverage is $250,000 per depositor, per insured bank, per ownership category.

Is additional coverage available?

You may qualify for more than the $250,000 limit at one bank if you own accounts that fall into more than one ownership category. The ownership categories are as follows:

  • Single accounts
  • Joint accounts
  • Revocable trusts (including payable on-death accounts and living trusts)
  • Irrevocable trusts
  • Business accounts (corporate, partnership, unincorporated associations)
  • Employee benefit plans
  • IRAs and certain other retirement plans
  • Government accounts

What if I have more questions?

You can access the FDIC's website by visiting, or you can contact them by phone at 877.ASK.FDIC from 7 A.M. to 7 P.M. Central time, Monday through Friday, or 8 A.M. to 4 P.M. Central time Saturday and Sunday. You can also call the Alerus Customer Care Center at 888.409.5375 and your call will be routed appropriately.

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