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FDIC Insurance

What is the FDIC?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government created to protect depositors in the event a bank fails and cannot refund their money. It is, literally, an insurance policy that participating banks pay for to protect the consumer. If a bank for any reason is unable to reimburse depositors, the FDIC steps in and does it for the bank – up to $250,000 per ownership type (single or joint).

Are deposits at Capital One 360 insured by the FDIC?

Yes. Deposits at Capital One 360 are insured through FDIC membership. You'll find us registered under the name Capital One, N.A. You can learn more about the whole process at www.fdic.gov Opens a new window.

What types of deposits are covered by the FDIC?

Deposits in 360 Savings, Kids Savings Account, 360 Checking, MONEY, CD, IRA Savings, IRA CD, Business Savings Account and Business CD are all covered.

How much of my deposits are insured?

Deposits are insured by the FDIC for up to $250,000 per depositor. A single account is insured up to $250,000. Joint accounts are 50/50 ownership and insured up to $250,000 for each individual on the account, equaling $500,000 in total.

IRA deposits at Capital One 360 are FDIC insured up to $250,000 per depositor. This includes all IRA Savings and CDs combined within each Traditional and Roth Plan and is in addition to the $250,000 non-IRA FDIC insurance.

Generally, the owner of a revocable trust account is insured up to $250,000 for each beneficiary. Keep in mind, your insurance coverage can vary depending on how your trust is set up. This coverage is in addition to the $250,000 per depositor coverage in accounts that are not registered in a Living Trust.  Check out www.fdic.gov for more details.

See some examples of different scenarios

So what if I have a lot of accounts?

The maximum insurance is always the same, regardless of the number of accounts you have. You can have as many accounts as you'd like, but only $250,000 total of your individual accounts and half of your joint accounts up to $250,000 total will be covered.

Does that mean that two people can be insured at the same bank up to $1,000,000?

Yes. If two people each have a single account, they'll each be covered for up to $250,000. Then, if they have a joint account together, they'll each be covered for up to $250,000 (or up to $500,000 combined coverage), which adds up to a total of $1,000,000 in combined FDIC insurance coverage for the two people.

What if I have accounts in other banks?

It starts all over again. You'll be entitled to an entirely new insurance coverage on deposits per ownership type, meaning individual and joint.

Single accounts are FDIC-insured up to $250,000.

 
Account HolderDeposit TypeAccount Balance
Jane 360 Savings $110,000
Jane 360 Checking $65,000
Jane CD $100,000
Total Deposits   $275,000
Amount Insured   $250,000
Amount Uninsured   $25,000

 

Joint accounts are 50/50 ownership and FDIC-insured up to $250,000 for each individual on the account, equaling $500,000 in total.

 
Account HolderDeposit TypeAccount Balance
Jane & John 360 Savings $190,000
Jane 360 Checking $115,000
Jane CD $135,000
Total Deposits   $440,000
Amount Insured   $440,000

 

A "couple" can be insured up to $1,000,000 at a bank, $250,000 for each individual account and $500,000 ($250,000 each) for a joint account.

 
Account HolderDeposit TypeAccount Balance
Jane 360 Savings $250,000
John 360 Checking $250,000
Jane & John CD $500,000
Total Deposits   $1,000,000
Amount Insured   $1,000,000

 

IRA deposits, including the IRA Savings account and all IRA CDs combined within each Traditional and Roth IRA Plan, are FDIC insured up to $250,000 per depositor. This is in addition to the $250,000 non-IRA FDIC insurance.

 
Account HolderDeposit TypeAccount Balance
John IRA Savings $180,000
John IRA CD $40,000
Total Deposits   $220,000
Amount Insured   $220,000

 

Each business is insured up to $250,000 per business entity (keep in mind that the FDIC treats deposits owned by a sole proprietorship and by the individual associated with it as being owned by the same person). For all other Business Entities such as Non Profit, Corporations, LLC, and Partnerships the FDIC insurance is $250,000 per business entity. The number of authorized signers per business entity does not affect the amount insured.

 
Business EntityDeposit TypeAccount Balance
John's Lawn Care Business Savings $180,000
John's Lawn Care Business CD $40,000
Total Deposits   $220,000
Amount Insured   $220,000

 

Owners of accounts registered in a Revocable Living Trust are FDIC-insured up to at least $250,000 per beneficiary listed in the Trust (with some limitations). Please refer to www.fdic.gov Opens a new window for more details on deposit insurance for Trust Accounts.

 
Account HolderDeposit TypeAccount Balance
Jane & John 360 Savings $500,000
John 360 Checking $250,000
Jane CD $250,000
John Doe's Living Trust 360 Savings – Trust $250,000
Jane Doe's Living Trust CD – Trust $250,000
Total Deposits   $1,500,000
Amount Insured   $1,500,000
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