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Are You FDIC Insured? Ask EDIE!

William Wen


The recent demise of Silicon Valley Bank has shined a light on the risk of bank deposits in case of contagion. There is a lot of chatter about not keeping more than $250K per bank. First of all, if that is a problem for you, congrats, you are among the lucky ones. Second of all, it’s not true.

According to the FDIC website, the standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

As it turns out, my wife and I were merging another bank account into our main accounts at Wells Fargo. In the unlikely event that Wells Fargo fails, are we safe? My wife and I are both depositors, and have both single and joint accounts. I think so?

Over the weekend, I emailed my banker, and on Monday, she introduced me to the FDIC’s Electronic Deposit Insurance Estimator, aka EDIE.

Running EDIE

I will demonstrate EDIE by using some fictitious accounts at Wells Fargo.

Consider for example that my wife and I both have individual checking accounts with $1000 each, and savings accounts with $250K each. In addition, we have a joint account with just over $500K. Finally, we each have IRA accounts of $300K each. That’s four “single” accounts, one “joint” account, and two “IRA” accounts for a total of seven accounts.

I can enter each account like this, then repeat for Mrs. Wen’s checking/savings accounts, joint accounts, etc.

Once I’m done adding all 7 accounts, click the CALCUlATE COVERAGE button.

And the EDIE tool will tell you what is covered and what isn’t.