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Understand what FDIC means

Money is personal. We get it. When it comes to where you put your money, the number one thing you care about is its safety. You want to keep your money secure and insured. When you see the words “Member FDIC,” know that this means that the FDIC covers deposits up to $250,000. If anything happens, up to $250,000 per depositor, per account ownership category, will be reimbursed when you bank with an FDIC member.

What is the FDIC?

The Federal Deposit Insurance Corporation (FDIC) was established in 1933 during the height of the Great Depression. It was designed to protect customers’ bank investments. If anything should happen to your bank, the FDIC will cover any losses. This includes bank robbery, financial insolvency, and even natural disaster.

What is covered?

The FDIC is specifically designed to cover deposit accounts so that customers can be assured that their hard-earned money is safe. This includes money held in traditional checking or savings accounts, Certificates of Deposits (CDs), and Money Market Accounts (MMAs). The coverage applies to both deposits and interest for consumers and businesses. It does not, however, cover investments, so be aware that savings bonds, stock, annuities, mutual funds, municipal securities, and safety deposit box contents are not covered.

How much?

The general coverage amount for an individual is $250,000 for each account ownership category per institution. This is enough to cover most people’s daily account balances with room to spare. If you need more coverage for larger balances, you may want to apply specific strategies to increase your coverage amount. There are many options that your bank representative can help you with to make sure your money is allocated securely.

Is my bank covered?

Camden National Bank is a proud member of the FDIC. Reach out to us if you need to learn more. You can also read more on the FDIC website. FDIC: Deposit Insurance FAQs.

Can I check to see if my accounts are fully covered?

You can get detailed information about your specific deposit insurance coverage by accessing the FDIC’s Electronic Deposit Insurance Estimator (EDIE) and entering information about your accounts. You can also visit the FDIC Information and Support Center to submit a request for deposit insurance coverage information or you can also call the FDIC at 1-877-ASK-FDIC (1-877-275-3342) and an FDIC deposit insurance specialist will help you calculate your deposit insurance coverage.

Want more resources to navigate your financial wellbeing? Visit our Financial Smarts blog article to learn more.

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