Not sure what FDIC will cover? Financial planner weighs in

Mar 13, 2023, 9:30 PM
savings system right on the money...
In wake of the collapse of Silicon Valley Bank, Dave and Dujanovic talked to a financial expert for a better understanding on how the FDIC works. Photo: Getty Images

SALT LAKE CITY — In wake of the collapse of the Silicon Valley Bank, it’s probably worth a brush up course on what  FDIC insurance will cover and what it won’t cover.

Shane Stewart, a Deseret Mutual Benefits Administrators certified financial planner, joined Dave & Dujanovic with hosts Dave Noriega and Debbie Dujanovic on Monday to discuss the matter. 

Dujanovic asked, “So let’s start with the basics at FDIC-101. What does that insurance cover?”

“FDIC insurance covers up to $250,000 per depositor per account or organization?” Stewart said. 

As an example, Stewart says if he had an account that was a joint account with his wife, it would be insured up to $500,000 because it’s per depositor.”

Noriega asked, “What if I jump around to different banks? Does that follow me or is it just like 250 per name?”

“It absolutely does follow you,” Stewart said.

Stewart said if you want to make sure you are covered, you could put money in different institutions under the same name. He says you would be covered for $250,000 per account because it’s different institutions.

What things FDIC covers

The FDIC covers things such as checking accounts, savings accounts, money market accounts, cashier checks and money orders. However, it doesn’t cover things such as mutual funds, bond investments and life insurance policies. 

Stewart says there is protection for other accounts such as security stocks and bonds, called SIPC. Stewart says it protects up to $500,000. It also has a limit of $250,000 for cash.

“So, there are insurances out there,” he said. “But all of these insurances, keep in mind, are simply there in case your bank goes under. It’s pretty rare for a bank to go under.”


Dave & Dujanovic can be heard weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play.  

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Not sure what FDIC will cover? Financial planner weighs in