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$250,000 guarantee for every US bank deposit

14. April, 2023

FDIC guarantees 100% of every US bank deposit up to $250,000.

Since 1933, the Federal Deposit Insurance Corporation – FDIC has been responsible for overseeing the US banking system and providing deposit insurance for member banks, currently up to $250,000 per depositor. This means that both customers of traditional banks like Bank of America and those who choose fintech solutions like Mercury – which offers banking services through Choice Financial Group and Evolve Bank & Trust (FDIC members) – are guaranteed by this independent Agency.

A super-agency to protect the trust in the banking system.

The powers of the FDIC are significant, as it has authority over all institutions authorized to collect deposits (Insured Depository Institutions – IDIs) operating in the USA, except for small cooperative banks. Additionally, the FDIC is not subject to the fragmentation between federal and state discipline that prevails in the rest of US banking regulation or in the insurance field. This particular framework allows it to perform a triple function:

  • banking supervision
  • deposit insurance
  • crisis management

Functions that in other institutional frameworks, such as the European one, are distributed among various institutions.

The most important guarantee for current account holders.

Citizens and companies, both American and foreign, who have a checking account at a bank that adheres to the FDIC benefit from deposit insurance up to $250,000 for each type of account accessed at the same intermediary. For deposit insurance, the FDIC can use the resources contained in the Deposit Insurance Fund (DIF) and can also resort to a backstop line of $100 billion provided by the US Treasury free of charge.

The increase in the guarantee, beyond $250,000, following the latest developments.

Recently, after the fear related to the crack of Californian Silicon Valley Bank and Silvergate and the events of the New York Signature Bank, the US banking system has been considerably stressed. Serenity has returned to shine also thanks to the fact that the Treasury, Federal Reserve, and FDIC have activated an exceptional deposit rescue network. The three entities have promised that the clients of the institutions will not suffer any losses and will be immediately and fully compensated, even beyond $250,000.

Moreover, the FED has announced the immediate opening of a new credit line: the Bank Term Funding Program (BTFP). The program aims to maximize deposit protection, offering one-year loans to any institution that needs them. This program is fueled by the same $25 billion Treasury fund used in the past to stabilize currency markets.

With these guarantees, anyone who holds a bank deposit in the United States – as an individual or as a company, as an American or a foreigner – after verifying that the institution they are a customer of is an FDIC member, can breathe a sigh of relief.

Do you want to learn more? Contact Opisas.

If you want to learn more and evaluate opening a bank deposit with an FDIC-guaranteed institution, you can email to make an appointment with a consultant.



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