The FDIC maintains stability and public confidence in the U.S. financial system by protecting depositor of insured banks against the loss of their deposits in the event that the financial institution fails. The FDIC's supervision program promotes the safety and soundness of FDIC-supervised financial institutions, protects consumers' rights, and promotes community investment initiatives.
In the depths of the Great Depression, the FDIC was created by the federal Banking Act of 1933. Congress wanted a mechanism in place that would guarantee the safety of deposits in member banks. And according to the FDIC, "no depositor has lost one penny of FDIC-insured deposits." FDIC insurance covers depositors’ accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank’s closing, up to the insurance limit.
Tip
Before opening a deposit account, look for the logo that says, “Member FDIC”
Wells Fargo, along with thousands of other financial institutions, is FDIC-insured. FDIC insurance limits cap at $250,000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings accounts. Some items that are not FDIC-insured include mutual funds, safe deposit box contents, annuities, and others. It is possible to qualify for more than the current $250,000 in coverage depending on type of account and ownership category; you should ask your banker about your specific situation or visit the FDIC for more information.
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Products to Consider
FDIC Resources, Federal Deposit Insurance Corporation, site accessed 6/7/2022
Investment and Insurance Products are:
- Not Insured by the FDIC or Any Federal Government Agency
- Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
- Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.
CAR-0823-00265
LRC-0723
