Know if your deposits are 100% FDIC-insured.
You may have questions about your money and how it is insured by the FDIC (Federal Deposit Insurance Corporation). We at Wells Fargo want to make sure that you have access to the tools and resources you need to understand how FDIC insurance works.
- Wells Fargo Bank, N.A. is a member of the FDIC.
- The FDIC was created in 1933 to provide insurance protection for depositors of failed banks and to help maintain sound conditions in the nation's banking system.
- The FDIC is an independent agency of the U.S. Government. Since its inception, the FDIC has responded to thousands of bank failures. All insured deposits of failed banks and thrifts have been protected by the FDIC.
- The FDIC has launched a tool at http://edie.fdic.gov that is designed to help consumers calculate their insurance coverage and learn about what the rules and limitations of deposit insurance mean for you.
What is insured by the FDIC?
All types of deposits held at Wells Fargo Bank are covered by FDIC insurance including the following examples:
- Checking Accounts
- Savings Accounts
- Time Accounts (CDs)
- Deposit products (such as CDs and Savings Accounts) held in IRAs and other retirement accounts
- Outstanding Cashier's Checks, Money Orders, Loan Disbursem*nt Checks, Interest Checks and Drafts issued by Wells Fargo
What amount of insurance coverage do I have for my accounts?
The FDIC Standard Maximum Deposit Insurance Amount for deposits is $250,000 per depositor, per insured financial institution, for each account ownership category.
Coverage Over Basic Insurance
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. It is possible to qualify for more than the current $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. Examples of different ownership categories include: (1) single, (2) joint, (3) revocable trust (informal revocable trusts such as Payable-on-death accounts and formal revocable trusts such as living/family trusts created for estate planning purposes), (4) irrevocable trusts, (5) certain retirement plans, (6) employee benefit plans, (7) business (corporation, partnership, unincorporated associations), and (8) government.
What is not insured by the FDIC?
Wells Fargo, and it's Bank and non-bank affiliates, also offers a range of products and investment accounts that do not qualify as deposits and are therefore not covered by FDIC insurance. Examples of non-deposit products that are not covered by FDIC deposit insurance include:
- Investments in mutual funds
- U.S. Treasury bills, notes, and bonds purchased through an insured institution
- Annuities
- Stocks, bonds, or other securities
- Insurance products
- Contents of a Safe Deposit Box
Where can I go if I still have questions?
- You can call FDIC toll-free at 1-877-ASK-FDIC (877-275-3342) from 8:00 am until 8:00 pm (Eastern Time), Monday through Friday, or contact them online at www.fdic.gov.
The information and content provided on this non-Wells Fargo website is for informational purposes only. Such information is provided as a convenience to you, and Wells Fargo makes no warranties or representations as to its accuracy and bears no liability for your use of this information. Wells Fargo does not endorse and is not responsible for the content, links, privacy policy, or security policy of this non-Wells Fargo website link. The information made available to you is not intended, and should not be construed as legal, tax, or investment advice, or a legal opinion. You should contact your legal, tax and/or financial advisors to help answer questions about your specific situation or needs prior to taking any action based upon this information.
Investment and Insurance Products are:
- Not Insured by the FDIC or Any Federal Government Agency
- Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
- Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.
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FAQs
What is insured by the FDIC? All types of deposits held at Wells Fargo Bank are covered by FDIC insurance including the following examples: Checking Accounts. Savings Accounts.
Is Wells Fargo safe from collapse? ›
Banks are required to maintain a certain level of capital to absorb potential losses. Wells Fargo has consistently met regulatory capital requirements, indicating it has the financial resources to withstand economic downturns or unexpected losses.
How do I get around my FDIC insurance limit? ›
Here are four ways you may be able to insure more than $250,000 in deposits:
- Open accounts at more than one institution. This strategy works as long as the two institutions are distinct. ...
- Open accounts in different ownership categories. ...
- Use a network. ...
- Open a brokerage deposit account.
At the end of the business day, the private bank, as custodian of their various accounts, sells off enough liquid assets to settle up for that day. Millionaires don't worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank.
Is Wells Fargo a safe bank now? ›
Wells Fargo is insured by the FDIC, so deposits up to $250,000 are safe. However, the bank has had several financial scandals that involved financial harm to customers. The Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo to pay $3.7 billion in 2022 for repeated infractions.
Has anyone ever lost money at an FDIC insured bank? ›
The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. Since 1933, no depositor has ever lost a penny of FDIC-insured funds.
How financially secure is Wells Fargo? ›
Wells Fargo has the Financial Strength Rank of 3. It displays poor financial strength and is likely in financial distress. Usually this is caused by too much debt for the company. GuruFocus Financial Strength Rank measures how strong a company's financial situation is.
Is Wells Fargo in trouble? ›
US eases restrictions on Wells Fargo after years of strict oversight following scandal. NEW YORK (AP) — The Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
Is Wells Fargo too big to fail? ›
Companies Considered Too Big to Fail
The Goldman Sachs Group Inc. JPMorgan Chase & Co. State Street Corp. Wells Fargo & Co.
Should I keep more than 250k in the bank? ›
The FDIC insures up to $250,000 per account holder, insured bank and ownership category in the event of bank failure. If you have more than $250,000 in the bank, or you're approaching that amount, you may want to structure your accounts to make sure your funds are covered.
Demand Deposit Account (DDA) & Money Market Deposit Account (MMDA) DDA/MMDA allows you to place funds into demand deposit and/or money market deposit accounts. You can deposit up to $100 million for each account type.
Does FDIC cover $500,000 on a joint account? ›
If a couple has a joint money market deposit account, a joint savings account, and a joint CD at the same insured bank, each co-owner's shares of the three accounts are added together and insured up to $250,000 per owner, providing up to $500,000 in coverage for the couple's joint accounts.
What is the safest bank for millionaires? ›
The Most Popular Banks for Millionaires
- JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
- Bank of America Private Bank. ...
- Citi Private Bank. ...
- Chase Private Client.
Opt for an account with both FDIC and DIF insurance
The Depositors Insurance Fund, or DIF, is a private insurance fund that insures deposit amounts at member banks beyond what the FDIC covers — without a limit. About 70 banks offer DIF coverage, and all are based in Massachusetts.
Has FDIC insurance ever failed? ›
"Nobody's ever lost a penny of insured deposits…" then-FDIC Chairperson Sheila Bair told Scott Pelley in 2009, "which is why you need to make sure you are below the insured deposit limit."
Is my money safe with Wells Fargo Advisors? ›
At Wells Fargo Advisors, cash deposits are covered by FDIC insurance for a total of at least , if you are enrolled in our Bank Deposit Sweep Program. * Through this program, uninvested cash balances (principal and interest) are automatically deposited, or “swept,” into three affiliate banks.
Are banks no longer FDIC insured? ›
While most banks, including online-only banks, offer FDIC insurance, it's still important to confirm this coverage and make sure all deposits fall within the insured limits. By spreading deposits across different ownership categories, individuals can maximize their insurance protection.
How safe are Wells Fargo investments? ›
Yes, Wells Fargo is FDIC insured. 11 However, FDIC insurance only covers specific accounts, like checking and savings accounts, up to $250,000. FDIC insurance does not cover any accounts invested in stocks, bonds, or ETFs; those accounts will fall under the SIPC.
What happens when the FDIC closes a bank? ›
Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either (1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or (2) by issuing a payment to each depositor for ...
