FDIC QUESTIONS

A: The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

You can also visit their website.

A: FDIC deposit insurance protects Susquehanna Community Bank customers in the event that an FDIC-insured depository institution fails. Bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank, like Susquehanna Community Bank. Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category.

Deposit insurance is calculated dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default. For example, if a customer had a CD account in her name alone with a principal balance of $195,000 and $3,000 in accrued interest, the full $198,000 would be insured.

You can also use this Calculator to make sure you are covered.

A: The standard deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. The account titles and owners can increase the insured amount.

You can us the FDIC’s Electronic Deposit Insurance Estimator (EDIE)

Quick reference guide

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For resources and more information you can also click Understanding Deposit Insurance