Is your money safe in the bank? When you use federally insured accounts (FDIC or NCUA) and stay below the limits, you can avoid irrevocable losses. Most people are easily below the limit of $250,000 per depositor per bank.

Some people have more, though, and their funds could be at risk. To verify if you’re covered, use the FDIC’s free online calculator for deposit insurance.

You can enter information about your accounts, and the tool helps to identify potential situations when you might be above the limits.

You might supply information about individual accounts, joint accounts, trusts, IRAs, and other account types. Depending on how those accounts are registered, you might have additional protection above and beyond that $250,000 limit.

Don’t just rely on this, though. Triple-check everything with your bank or with FDIC staff to ensure that you’re not taking more risk than you realize.

To use the tool, visit EDIE.FDIC.gov.

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IMPORTANT:
Always verify coverage and risks directly with FDIC, NCUA, or bank personnel (there may be errors or issues with the calculator and/or input). Bank or credit union failures may cause a loss of access to funds, at least temporarily, which can cause domino effects throughout your financial and personal life. It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.