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FDIC Resource Center

ATTENTION: Benchmark is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

 On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000.

The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. (read full press release)

 What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is a United States government agency that was established in 1933. After many banks failed during the Great Depression, Congress passed the Glass-Steagall Act which created the FDIC. The FDIC provides insurance on depositors' funds held at financial institutions.

What is the purpose of FDIC deposit insurance?
If a financial institution fails, the FDIC guarantees that “deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.”¹

The FDIC has a short video on the basics of deposit insurance coverage. View the presentation.

For more information on FDIC coverage, check out the following resources:
Frequently Asked Questions about the Transaction Account Guarantee Program
Electronic Deposit Insurance Estimator (EDIE)
Insuring Your Deposits
Depositor's Bill of Rights
Short Answers on Deposit Insurance

To speak with a deposit insurance specialist at the FDIC, call 877-ASK-FDIC (275-3342).

¹The FDIC Website