SESKStuff Everyone Should Know
SESK: Stuff Everyone Should Know · sesk.info/fdic-automatic

Do you have to buy FDIC insurance for a bank account?

No. It is automatic at an FDIC-insured bank.

  1. Yes, for a small monthly fee
  2. No, it comes with the account ✔
  3. Only for savings, not checking

Why: FDIC says depositors do not apply or pay for deposit insurance. Open a deposit account at an insured bank and stay within the limit for that ownership category.

Huh, didn't know that: You can confirm the bank in FDIC BankFind.

The dad joke
Why did the piggy bank break up? It was tired of small change.
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Sources

  1. FDIC: Deposit Insurance FAQs https://www.fdic.gov/resources/deposit-insurance/faq

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