As of 2020, the FDIC insures deposits up to $250,000 per depositor as long as the institution is a member firm. The FDIC covers checking and savings accounts, CDs, money market accounts, IRAs, revocable and irrevocable trust accounts, and employee benefit plans.

What are the benefits of being FDIC-insured?

Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank—it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

How does the FDIC continue to affect US citizens?

How does the Federal Deposit Insurance Corporation continue to affect the American public today? It strengthens confidence in the financial system by insuring bank deposits. … They argued that the massive expansion of the government threatened individual liberty and the free market system.