The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC's creation in 1933, no depositor has ever lost a penny of FDIC-insured deposits.
FDIC insurance covers all deposit accounts at insured banks and savings associations, including checking, NOW (Negotiable Order of Withdrawal) accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs) up to the insurance limit.
If you and your family have $250,000 or less in all of your deposit accounts at the same insured bank or savings association, you do not need to worry about your insurance coverage — your deposits are fully insured. A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts.
If you have any questions or concerns about your FDIC coverage, please contact us at (607) 734-3374, (888) 372-9299 or stop by your local branch office or visit the FDIC website at www.fdic.gov/deposit/
Electronic Deposit Insurance Estimator (EDIE)
The FDIC’s Electronic Deposit Insurance Estimator (EDIE) is available at https://www2.fdic.gov/edie/index.html and allows consumers to learn how insurance rules and limits apply to deposit accounts. Users can also print a report for their records, which will include what’s insured and what portion (if any) exceeds coverage limits at that bank.