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There is no need for depositors to apply for the FDIC insurance coverage or even to request it. Coverage is automatic for a deposit in a member bank. FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs).

FDIC Deposit Insurance

Ownership Category Coverage Limit
Single Accounts (owned by one person) $250,000 per owner
Joint Accounts (two or more persons) $250,000 per co-owner
IRAs and certain other retirement accounts $250,000 per co-owner
Trust Accounts $250,000 per owner per beneficiary subject to specific limitations and requirements
Corporation, Partnership, and Unincorporated Association Accounts $250,000 per corporation, partnership, or unincorporated association.
Employee Benefit Plan Accounts $250,000 for the non-contingent, ascertainable interest of each participant.
Government Accounts $250,000 per official custodian