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• FDIC Insurance

  Member FDIC

  FDIC insurance covers depositors' accounts, whether using a physical branch office, salemfive.com or salemfivedirect.com, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit. The standard insurance amount is $250,000 per person, per bank, per ownership category.

  • Deposit Insurance Coverage (FDIC)

    The FDIC insures all deposits.

    Watch the video to learn more about how the FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

    
• FAQs

  • Popular Questions

    • What does Member FDIC mean?
      
      Salem Five Bank is a member of the Federal Deposit Insurance Corporation (FDIC). FDIC insurance protects deposits held at FDIC‑insured banks, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs).
      
      Deposits are insured up to the standard insurance limit of $250,000 per depositor, per FDIC‑insured bank, for each account ownership category, including principal and accrued interest through the date of an insured bank’s closing.
    • Has any depositor ever lost money in a Member FDIC bank?
      
      Since the FDIC was established in 1933, no depositor has ever lost a penny of FDIC‑insured funds. Deposits above the applicable insurance limits may not be fully protected in the event of a bank failure.
    • If an FDIC‑insured bank fails, how do I get my money?
      
      In the unlikely event of an FDIC‑insured bank failure, the FDIC typically arranges for a healthy bank to assume the insured deposits. Depositors generally have access to their insured funds by the next business day. In some cases, the FDIC may issue payment directly to depositors, usually within one to two business days.
    • What does the FDIC insure — and what does it not insure?
      
      FDIC insurance covers deposits held in checking accounts, savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs). FDIC insurance does not cover investment products, including stocks, bonds, mutual funds, crypto assets, annuities, life insurance policies, or the contents of safe deposit boxes, even if such products are purchased from an FDIC‑insured bank.
    • Where can I learn more about the FDIC?
      
      For additional information on FDIC Insurance, please call us at (800) 850-5000 or check the resources on the FDIC website. You can also call the FDIC at (877) 275-3342.
      
      https://www.fdic.gov/resources/deposit-insurance
      
      https://edie.fdic.gov/
    • How are trust and Payable‑on‑Death (POD) accounts insured by the FDIC?
      
      Revocable trust accounts, including Payable‑on‑Death (POD/ITF) accounts, are insured by the FDIC based on the account owner and qualifying beneficiaries, subject to FDIC rules.
      
      Effective April 1, 2024, FDIC insurance coverage for revocable trust accounts is capped at $1,250,000 per owner, regardless of the number of beneficiaries named. Coverage is determined by FDIC regulations and the titling of the account.
      
      Customers may calculate their insurance coverage using the FDIC’s Electronic Deposit Insurance Estimator (fdic.gov/edie)