FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs) up to a standard maximum amount.¹ 

FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.

FDIC insurance coverage is provided for each account holder automatically, there is no need to enroll.

• Effective May 20, 2009, deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)
• The extension announced on May 20, 2009, does not apply to the Transaction Account Guarantee Program. As of August 26, 2009, the unlimited coverage under the Transaction Account Guarantee Program is only in effect for depositors at participating institutions through June 30, 2010.

Transaction Account Guarantee Program

• In November, 2008, the FDIC adopted the Temporary Liquidity Guarantee Program (TLG Program), which aims to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and by providing full coverage of noninterest-bearing deposit transaction accounts, regardless of dollar amount. This second part of the TLG Program is referred to as the Transaction Account Guarantee Program.


• Chevy Chase Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. For purposes of the Transaction Account Guarantee Program, the definition of a "noninterest-bearing transaction account" includes checking accounts earning no interest or an interest rate of 50 basis points (.50%) or less, and Interest on Lawyers Trust Accounts (IOLTAs), regardless of interest rate. This definition does not encompass interest-bearing savings or money market deposit accounts. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

Provided below are the basic FDIC coverage limits based on personal ownership category:

• Single Accounts - $250,000 per owner¹ - Deposit accounts owned by one person and/or sole proprietor. All single accounts at the same insured bank are added together and the total is insured up to $250,000.
• Joint Accounts - $250,000 per co-owner¹ - Deposit accounts owned by 2 or more people. If all co-owners have equal rights to withdraw funds from a joint account, a co-owner’s shares of all joint accounts at the same insured bank are added together and the total is insured up to $250,000.
• IRAs/Certain Retirement Accounts - $250,000 per owner¹ - Deposit accounts owned by one person and titled in the name of that person’s retirement plan. Included are IRAs (Traditional, Roth, SEP and SIMPLE IRAs), Section 457 deferred compensation plans, self-directed defined contribution plans, and self-directed Keogh plan accounts. All deposits an individual has in any of these retirement plan types at the same insured bank are added together and the total is insured up to $250,000.
• Revocable Trust Accounts - $250,000 per owner per beneficiary¹ - Deposit accounts held as payable on death (POD) or established in the name of a formal revocable trust (also known as a living or family trust account). Coverage is subject to limitations and requirements. Contact the FDIC at 1-877-275-3342 for more information.
• Irrevocable Trust Accounts - $250,000 per owner per beneficiary¹ - Deposit accounts held by a trust established by a statute or a written trust agreement, in which the creator of the trust is considered a grantor, settlor, or trustor. Coverage is subject to limitations and requirements. Contact the FDIC at 1-877-275-3342 for more information.
• Noninterest-Bearing Transaction Accounts - Unlimited coverage at participating FDIC-insured banks and savings associations² - Noninterest-bearing transaction accounts include NOW accounts earning no interest or an interest rate of 50 basis points (.50%) or less and Interest on Lawyers Trust Accounts (IOLTAs), regardless of rate.

Provided below are the basic FDIC coverage limits based on business/government ownership category:

• Corporation, Partnership and Unincorporated Association Accounts - $250,000 per separate company or organization¹ - Deposit accounts held by a business or organization – including for-profit and not-for-profit; religious, community and civic organizations and social clubs. Funds are insured up to $250,000 for each entity.
• Employee Benefit Plan Accounts - $250,000 for the non-contingent, ascertainable interest of each participant¹ - Deposits belonging to a pension or profit-sharing plan are insured up to $250,000 for each participant. To determine the maximum amount a plan can have insured at a single bank, determine which participant has the largest share of the plan assets and then divide $250,000 by that percentage.
• Government Accounts - $250,000 per official custodian¹ - Deposit accounts (also known as public unit accounts) of the United States, any state, county, municipality, other government territories, or an Indian tribe. Visit myFDICinsurance.com for additional coverage information.
• Noninterest-Bearing Transaction Accounts - Unlimited coverage only at participating FDIC-insured banks and savings associations² - Noninterest-bearing transaction accounts include NOW accounts earning no interest or an interest rate of 50 basis points or less and Interest on Lawyers Trust Accounts (IOLTAs), regardless of rate.