By:  LINDSEY O'NEILL, ESQ.

There has been a lot of media attention to federal deposit insurance coverage lately.  Consumers are concerned because they're not sure they fully understand the benefits and limitations of FDIC coverage for their money.  In response, the FDIC has launched a national campaign to help answer the most common questions.

What is FDIC Insurance? The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. If your insured bank fails, FDIC insurance will cover your deposits, dollar for dollar, including principal and any accrued interest, up to the insurance limit. The basic insurance amount is $250,000 per depositor, per insured bank. If you need to protect more than $250,000, there may be extra coverage depending on the type of account ownership. Also, consumers can open additional accounts at separate financial institutions. Check out more FAQs from the FDIC.

Part of the FDIC's national awareness campaign is to encourage Americans to visit myFDICinsurance.gov, where they can use EDIE the Estimator, an online tool that provides customized information about their insured accounts. Consumers can also call toll-free 1-877-ASK-FDIC for assistance.

If you have a legal concern related to dealings with your bank, contact an attorney in your area today.

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