Is Bank of America FDIC Insured

For anyone who has a bank account, the assurance of its safety is a top priority. The most common question in this context, especially when talking about Bank of America, is, “Is Bank of America FDIC insured?” The simple answer is yes, Bank of America is insured by the Federal Deposit Insurance Corporation (FDIC). This article delves into what FDIC insurance means for Bank of America account holders and how it works to secure your hard-earned money.

What is FDIC Insurance?

The Federal Deposit Insurance Corporation, or FDIC, is an independent agency of the U.S. government. It was created in 1933 to provide confidence and stability in the financial system by insuring deposits in member banks. When you deposit money into an FDIC-insured bank, like Bank of America, you’re assured that even if the bank fails, you’re covered up to a certain amount.

How FDIC Insurance Works

Under FDIC rules, each account holder at an FDIC-insured bank is covered for up to $250,000 per depositor, per insured bank, for each account ownership category. This means that if you have a savings account, a checking account, and a CD at Bank of America, your deposits in each of those accounts are individually insured up to $250,000.

Types of Accounts Covered

FDIC insurance covers various types of deposit accounts:

  • Checking accounts
  • Savings accounts
  • Money Market accounts
  • Certificates of Deposit (CDs)

However, note that investment products like mutual funds, annuities, and stocks are not covered by the FDIC.

Bank of America and FDIC Insurance

Bank of America is one of the largest financial institutions in the United States, and it’s FDIC insured. This assures customers that their deposits are safe up to the $250,000 limit per account category. If you’re a Bank of America customer, you can find the FDIC logo on the bank’s website and in physical branches, indicating that the bank is an FDIC member.

Is Your Money Completely Safe?

While FDIC insurance covers up to $250,000, if you have deposits exceeding this limit, the excess amount is not insured. To maximize your coverage, you can distribute your money across multiple FDIC-insured banks or use different ownership categories at the same bank.


1. What happens if Bank of America fails?

If Bank of America were to fail, the FDIC would step in to either find another bank to absorb the failed bank’s assets or issue checks to depositors for their insured balances.

2. Can I increase my FDIC coverage at Bank of America?

Yes, you can increase your FDIC insurance coverage by using different account ownership categories, like individual accounts, joint accounts, and retirement accounts, as each category gets its own $250,000 coverage.

3. Are business accounts at Bank of America FDIC insured?

Yes, business accounts are insured by the FDIC, following the same rules and limitations as personal accounts.

4. What is not covered by FDIC insurance?

Financial products like mutual funds, annuities, stocks, and bonds are not covered by the FDIC. Also, deposits in foreign branches of Bank of America are not FDIC-insured.

5. How can I confirm that Bank of America is FDIC insured?

You can confirm this by looking for the FDIC logo on the Bank of America website and in its branches, or by visiting the FDIC’s own website to search for insured banks.


Bank of America is an FDIC-insured institution, meaning that your deposits are safe up to $250,000 per account ownership category. This safety net provides peace of mind for Bank of America customers, who know that their money is secured by a government-backed agency. It’s always wise to understand how FDIC insurance works, so you can make the most out of your banking experience.

By Christine Mayle