Information Leaflet – A Deposit Guarantee Scheme Reimburses a Limited Amount to Compensate Account Holders Whose Bank in the USA Has Failed
Deposit Guarantee Scheme USA: The Federal Deposit Insurance Corporation is commonly referred to as the FDIC. It is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Rules and regulation are subject to market conditions and may change. The information on this information leaflet should therefore be seen as a general outline of deposit insurance in the USA.
Secured Deposit Limit: Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category.
Additional Insured Coverage: The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.
Repayment Timeframe: If a bank fails, the FDIC acts quickly to protect insured deposits of the failed bank by a sale to a healthy bank or by repaying depositors directly up to their insured limits. FDIC reimbursement is done via bank check within a few days after the closure of the bank.
Repayment Conditions: When an insured bank fails, the FDIC’s ability to reimburse depositors is explicitly limited by federal law. The failed bank can be sold to another institution, restructured, or dissolved. Under US law, deposit contracts become void under new corporate ownership. Creditors must therefore monitor the failure of the bank to secure repayment.
DGS Claim Rejections: If you have a problem or complaint with the FDIC that is not involved in litigation, arbitration, or mediation, you may contact the Office of the Ombudsman for confidential assistance. The FDIC Office of the Ombudsman is a confidential, neutral and independent source of information and assistance to anyone affected by the FDIC in its regulatory, resolution, receivership, or asset disposition activities.
Scheme Architecture: The FDIC receives no Congressional appropriations – it is funded by premiums that banks and savings associations pay for deposit insurance coverage.
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