How much of your deposits at an FDIC-insured bank is covered by federal deposit insurance per depositor, per institution?
$250,000
The answer was $250,000. Here's the why, the decoys, and the source trail.
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The FDIC insures deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This limit was permanently raised from $100,000 as part of the Dodd-Frank Act in 2010.
A good trivia question makes the wrong answers feel close. Here is the clean read on the set.
- $100,000 - a decoy; it may live near the same topic, but it does not answer this exact clue.
- $250,000 - correct answer.
- $500,000 - a decoy; it may live near the same topic, but it does not answer this exact clue.
- $1,000,000 - a decoy; it may live near the same topic, but it does not answer this exact clue.
$250,000 is the one to remember. The FDIC insures deposits up to $250,000 per depositor, per insured bank, for each account ownership category. The FDIC was created in 1933 during the Great Depression, and no depositor has ever lost a penny of insured funds since it began operating.
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Sources: FDIC