Most people are confused about the insurance coverage provided by the Federal Deposit Insurance Corporation (FDIC). Initially, when you go to your local bank, you should check to see if the emblem stating that they have FDIC coverage is posted either on the door or near the tellers. If not, then you should ask to determine whether the coverage is in existence. If so, there is no need to apply for it or to request it, as it is automatic.
The amount of coverage you can have is based on the depositor named on the account, and whether it is a checking, savings, certificate of deposit, or money market account. Please note that all other types of products that banks may be selling are probably not covered by FDIC Insurance. This coverage excludes annuities, insurance policies, stocks, mutual funds, etc.
The standard amount for insurance is $250,000.00 per depositor. However there are separate categories of deposits that are covered, and you may have more coverage by having funds in different types of accounts.
The following chart will attempt to clarify your coverage. This information is taken from the FDIC website, which you may access at www.fdic.gov/deposit/deposits.
There are other types of specific accounts for which coverage is provided that are not necessary to discuss at this time. Please note that the above chart is the standard insurance amount for most categories. If more coverage is necessary, there are other ways accounts may be titled to access it. Also, you may open accounts at additional banks if necessary.