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What is FDIC Insurance?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Even in the rare circumstance that a bank has failed, no depositor has lost anything since the organization's inception in 1933 thanks to the FDIC.

FDIC insurance covers funds in checking and savings accounts, money market deposit accounts and certificates of deposit (CDs).

FDIC insurance does not cover other financial products such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.

Texas Gulf Bank, N.A. is insured by the FDIC, and therefore coverage on your TGB accounts is automatic based upon account coverage limits. The FDIC provides separate coverage for deposits held in different account ownership categories. A handy tool to determine if your deposits are insured is the FDIC--EDIE The Estimator.  Use the link at the right to determine your FDIC deposit coverage.

Basic FDIC Deposit Insurance Coverage Limits
Single Accounts (owned by one person)$250,000 per owner
Joint Accounts (two or more people)$250,000 per co-owner
IRAs and certain other retirement accounts$250,000 per owner
Trust Accounts$250,000 per owner per beneficiary subject to specific limitations and requirements
Corporation, Partnership and Unincorporated Association Accounts$250,000 per corporation, partnership or unincorporated association
Employee Benefit Plan Accounts$250,000 for the non-contingent, ascertainable interest of each participant
Government Accounts$250,000 per official custodian
Source: www.fdic.gov
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FDIC--EDIE The Estimator
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