What is FDIC insurance and what does it cover?
The FDIC—short for the Federal Deposit Insurance Corporation—is an independent agency of the United States government that protects against deposit losses in FDIC insured banks and savings associations. The deposits of Washington Mutual Bank and Washington Mutual Bank fsb were assumed by JPMorgan Chase Bank, N.A. an FDIC-insured institution. The FDIC insurance protects your deposits up to limits established by law. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts. Basic FDIC Deposit Insurance coverage limits are: • Single Accounts (owned by one person) – Up to $250,000 ($100,000 beginning 1/1/2010) • Joint Accounts (two or more persons) – $250,000 per co-owner ($100,000 beginning 1/1/2010) • IRAs and certain other retirement accounts – $250,000 per owner • Trust Accounts – $250,000 ($100,000 beginning 1/1/2010) per owner per beneficiary subj
