The recent media attention has prompted
questions from depositors at banks and credit unions as to the safety of
their deposits. Banks and credit unions doing business in the
State of Utah have federal deposit insurance through the Federal Deposit
Insurance Corporation (FDIC) for banks and the National Credit Union
Administration (NCUA) for credit unions. The NCUA’s deposit
insurance is called the National Credit Union Share Insurance Fund (NCUSIF).
Basic Deposit Insurance Coverage
In general, the FDIC and NCUSIF provide
depositors with $250,000 in coverage for their individual deposit
accounts. These accounts include savings, checking, money market,
and certificate accounts. Individuals with account balances
totaling $250,000 or less at the same insured bank or credit union have
full FDIC (for banks) or full NCUSIF (for credit unions) coverage.
Certain retirement accounts, such as Individual
Retirement Accounts, are insured up to $250,000 per depositor per
insured bank or per insured credit union.
Additional Deposit Insurance
If you have more than $250,000 in an
individual bank or a individual credit union, you may want to use the
FDIC guide (for bank deposits) available at
www.fdic.gov/edie/ or the NCUSIF
estimator (for credit union deposits) available at
Additional insurance coverage is available based on rules from the FDIC
or NCUA regarding retirement accounts and other types of accounts, such
as trust accounts. You should also call your bank or credit union
to discuss deposit insurance coverage in excess of $250,000 per
For complete deposit insurance
coverage information go to these web sites.
Frequently Asked Questions (FAQ)
about Deposit Insurance
FDIC has a great FAQ about deposit insurance,
has similar FAQ available at
If you are curious about the financial health
of your bank or credit union, they post quarterly financial statements
on the FDIC or NCUA website.
Still Have Questions?
Call us: Utah Department of Financial
Institutions (801) 538-8830.