Member FDIC

You’ve seen the phrase, “Member FDIC” but what does it mean? Primis is a member of the Federal Deposit Insurance Corporation (FDIC) and we’re breaking down what this means to you.

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As a Primis customer you can bank with confidence knowing your deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC).

The FDIC is an independent agency of the federal government that protects against the loss of insured deposits in the event an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States Government.

The FDIC protects deposits up to $250,000 per depositor per insured bank for each account ownership category.

Tip: The FDIC’s Electric Deposit Insurance Estimator (EDIE) is a digital tool that helps you know how the insurance rules and limits apply to you and your accounts. Click here to learn more.

What Does the FDIC Cover?

The FDIC Covers

  • Checking accounts
  • Negotiable Order of Withdrawal (NOW) accounts
  • Savings accounts
  • Money market deposit accounts (MMDAs)
  • Time deposits such as certificates of deposit (CDs)
  • Cashier’s checks, money orders, and other official items issued by a bank

The FDIC Does Not Cover

  • Stock investments
  • Bond investments
  • Mutual funds
  • Life insurance policies
  • Annuities
  • Municipal securities
  • Safe deposit boxes or their contents
  • U.S. Treasury bills, bonds or notes

Curious About Extended Coverage?

Insure balances up to $125 million per tax ID.  For accounts that exceed the $250,000 FDIC limit, Primis offers ICS® (Insured Cash Sweep) and CDARS® (Certificate of Deposit Registry Service).

*All the rules discussed on this page are current through March 31, 2024.