The mission of the Federal Deposit Insurance Corporation (FDIC) is to maintain stability and public confidence in the nation's financial system. To support their mission, they insure deposits, examine and supervise financial institutions for safety, soundness and consumer protection, work to make large and complex financial institutions resolvable, and manage receiverships. Here at American State Bank, we are insured by the FDIC but are your other financial institutions? 

Deposit Insurance

FDIC deposit insurance enables consumers to confidently place their money at thousands of FDIC-insured banks across the country and is backed by the full faith and credit of the United States government. The FDIC insures your deposits up to $250,000 per depositor. There are other deposit scenarios where this insured amount can fluctuate. Use the FDIC Electronic Deposit Insurance Estimator located here. According to the FDIC, “Since the start of FDIC insurance on January 1, 1934, no depositor has lost a penny of insured funds as a result of a failure.”

Supervision and Examination

The FDIC directly supervises and examines more than 5,000 banks and savings associations for operational safety and soundness. They also examine banks for compliance with consumer protection laws, including the Fair Credit Billing Act, the Fair Credit Reporting Act, the Truth in Lending Act, and the Fair Debt Collection Practices Act.

Frequently Asked Questions                                   

Q: How can I get deposit insurance?

A: Depositors don’t need to apply for or purchase FDIC deposit insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank.

Q: How do I find out if a bank is FDIC-insured?

A: You can ask a bank representative, look for the FDIC sign at your bank, or you can use the FDIC's BankFind tool

Q: Is every financial product at a bank covered by the FDIC?

A: No, FDIC deposit insurance only covers certain deposit products. These products include checking and savings accounts, money market deposit accounts, and certificates of deposit.

As you learned, the FDIC insures your deposits up to $250,000 per depositor. If your financial institution is not insured by the FDIC, we highly recommend looking into banking at American State Bank. If you have any questions, don’t hesitate to visit our website, or call us at (641)342-2175.