The FDIC covers the traditional types of bank deposit accounts – including checking and savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs).

Is my money FDIC insured at Bank of America?

Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Which US banks are FDIC insured?

U.S. FDIC Insured Banks

Is the money market account insured by the FDIC?

A critical difference between these two types of savings instruments is that deposits in money market accounts are insured by the FDIC (Federal Deposit Insurance Corporation) up to the maximum allowed by law at FDIC-insured banks.

Is the Bank of America money market insured?

Yes, your Bank of America money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails.

How much money is covered by FDIC insurance?

The first is that only depository accounts, such as checking, savings, bank money market accounts, and CDs are covered. The second is that FDIC insurance is limited to $250,000 per depositor, per bank. That means if you have $500,000 sitting in one bank, only half of the money is insured.

Is the FDIC backed by the US government?

The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.