On Monday, November 11, all Pinnacle offices will be closed for the Veterans Day federal holiday. 2024 Federal Holiday Closures
On Monday, November 11, all Pinnacle offices will be closed for the Veterans Day federal holiday. 2024 Federal Holiday Closures
The purpose of the FDIC is to insure your money in the event that your bank fails. The FDIC is backed by the full faith and credit of the United States government. Deposits in an FDIC insured bank, like Pinnacle, are insured dollar-for-dollar up to the insurance limit.
As of July 21, 2010, the basic insurance limit has been (and still is) $250,000 per depositor, per insured bank, for each account ownership category.
Depositors may qualify for more than $250,000 FDIC insurance coverage if they have funds in different ownership categories and all FDIC requirements are met.
FDIC insurance covers the combined total of an individual’s ownership share in their accounts by category, up to the limit. The most common categories are:
Because the totals are by category and not by account type, deposit insurance is not increased, for example, by one individual putting $250,000 into a savings account and $250,000 in a CD in the same bank. In that case, $250,000 is insured, not $500,000. However, for a joint checking account with two owners, each owner is insured up to $250,000, so up to $500,000 would be insured.
It is possible to have millions in deposits at one insured bank and still be fully insured. See our article on categories of ownership.
However, some account types are excluded from FDIC coverage. The following lists shows what types of accounts are covered and not covered.
Covered
Not covered
*These investments are backed by the full faith and credit of the U.S. government.
Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank. The FDIC has provided an online Electronic Deposit Insurance Estimator (EDIE). Calculate your coverage with EDIE
This block is for site monitoring.