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Understanding FDIC insurance

What is the FDIC?

The Federal Deposit Insurance Corporation is an independent agency of the U.S. Government that supervises banks, insures deposits and helps maintain a stable and sound banking system. FDIC-insured deposits are safe - since the FDIC's inception in 1933, not a single dollar has ever been lost by an insured depositor.

How does FDIC insurance work?

FDIC insurance at Principal Bank covers funds in qualified money market deposit accounts and qualified certificates of deposit (CDs), and other types of IRAs.

To ensure your funds are fully protected, you should understand your deposit insurance coverage limits, which are $250,000 per depositor at all FDIC-insured banks, including Principal Bank.

How can I maximize my coverage?

Keeping all deposit accounts in one bank makes it easier to manage finances. However, many people have the mistaken notion that they must divide funds among several banks to maintain FDIC coverage for more than $250,000. Actually, FDIC insurance is based on the concept of account ownership. By utilizing single, joint, payment-on-death (revocable trust) and IRA accounts, it's possible to achieve FDIC coverage for much more than $250,000 at just one bank.

Here's one example of how you could secure over a million dollars in insured deposits at Principal Bank:

Client Example
Account Title Ownership Type Account Balance
IRA Accounts
Mary Smith IRA Certificate of Deposit $250,000
John Smith IRA Certificate of Deposit $250,000
Total IRA   $500,000

If you have additional questions about FDIC coverage limits and requirements, please visit EDIE the Estimator at www.myFDICinsurance.gov, call the FDIC toll-free at 1.877.ASK.FDIC, or a Principal Bank personal banker at 1.800.672.3343.

Have a question?
Contact a bank customer service representative at 1.800.672.3343 or via e-mail.

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