FDIC Insurance | Wells Fargo (2024)

FAQs

What is the FDIC insurance limit for Wells Fargo? ›

What amount of insurance coverage do I have for my accounts? The FDIC Standard Maximum Deposit Insurance Amount for deposits is $250,000 per depositor, per insured financial institution, for each account ownership category.

The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. This means that by having accounts in different ownership categories, like single accounts and joint accounts, you can get more than $250,000 in coverage.

The FDIC refers to these different categories as “ownership categories.” This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage, if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met.

The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.

If a couple has a joint money market deposit account, a joint savings account, and a joint CD at the same insured bank, each co-owner's shares of the three accounts are added together and insured up to $250,000 per owner, providing up to $500,000 in coverage for the couple's joint accounts.

Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts. They may also allocate some of their cash to low-risk investments, such as Treasury securities or government bonds.

The FDIC adds together the balances in all Single Accounts owned by the same person at the same bank and insures the total up to $250,000.

You may want to spread your money around

And even among people who have a lot of assets, the reality is that $250,000 in savings is a lot. Generally, someone with that much cash would be advised to put some of it into a brokerage account to invest.

Does adding a beneficiary increase FDIC coverage? ›

Naming beneficiaries on a retirement account does not increase deposit insurance coverage. Coverdell Education Savings Accounts (formerly known as an Education IRAs), Health Savings Accounts, and Medical Savings Accounts are not included in this ownership category and are not eligible for the increased coverage.

Banks must report cash deposits of $10,000 or more. Don't think that breaking up your money into smaller deposits will allow you to skirt reporting requirements. Small business owners who often receive payments in cash also have to report cash transactions exceeding $10,000.

The other way to maximize FDIC insurance is to have accounts at the same bank in different ownership categories. You get up to $250,000 in coverage for each ownership category, even within the same bank.

The standard insurance amount provided for FDIC-insured accounts is $250,000 per depositor, per insured bank, for each account ownership category, in the event of a bank failure.

The only way one can deposit $100 million in cash with insurance is to open several accounts to maintain the regulation given by FDIC on the maximum insurance amount. FDIC offers separate insurance coverage for money deposited by individuals in the various classification of legal ownership.

This is their only account at this IDI and it is held as a “joint account with right of survivorship.” While they are both alive, they are fully insured for up to $500,000 under the joint account category.

Our Wells Fargo Ratings

We at the MarketWatch Guides team give Wells Fargo 3.8 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support.

Depositors are covered for up to $250,000 per owner at the first affiliate bank plus $250,000 per account in each of the two additional affiliate banks – triple the coverage you would receive at one bank.

Wealthfront also offers some of the industry's highest FDIC protection. Other banks and fintechs offering competitive FDIC insurance include Betterment, Bluevine, SoFi and Ameris Bank, and like Wealthfront, they spread your funds among partnering FDIC-insured banks.