It is a well-known fact that since the year of 1933, not one depositor has lost even a penny of their money that is covered by the FDIC. Now, the FDIC is taking things a step further.
They have created a calculation tool that allows depositors to determine if the accounts that they own at banks where deposits are made are fully insured.
This tool is the Electronic Deposit Insurance Estimator or “EDIE”, for short.
You simply insert the amount that you have on deposit – either realistically or hypothetically – and the calculation device will aid in determining your FDIC coverage. Continue reading to learn more.
What Does the EDIE Calculate?
The Electronic Deposit Insurance Estimator (EDIE) specializes in the calculation of insurance coverage that you have over the amounts that you have in your FDIC-insured banking institution.
This is an ideal strategy for increasing confidence that all of the funds that you have deposited are safe – even in the event that your bank fails.
You may input the amount that you currently have and even play with other figures to determine just how much money will be covered.
If you stumble across a situation that displays uninsured funds, you will know that it is time to take the necessary actions required to ensure that those funds are protected – such as placing them in another type of deposit account.
Remember, your deposits are only protected by the FDIC if they are placed in a bank that offers FDIC insurance.
What the EDIE Calculates and What it Does Not
There are many different types of accounts that the EDIE may calculate coverage for. These include the following:
- Individual Accounts
- Joint Accounts
- Individual Retirement Accounts
- Various Types of Business Accounts
- POD/ITF Accounts
- Government-Based Accounts
- Living Trusts
The Electronic Deposit Insurance Estimator does not estimate investment accounts that do not require a deposit. Examples of such accounts include Annuities, Bonds, Mutual Funds, and Stocks.
Tutorials and Explanations
Many individuals do not understand exactly how the insurance in FDIC coverage works.
If you fall into this category, there is no need to worry. The EDIE actually provides a variety of tutorials and a wide assortment of explanations to help you out.
It will instruct you on exactly how to enter in the information from your various accounts and provide comprehensive steps on how to walk through the rest of the process so that you are successfully able to determine how much of your money is protected.
It does not connect to a bank and it does not require you to enter your personal information.
The tool is designed to confidentially establish coverage amounts so that your information is completely secure.
Additionally, it does not store the information that you place into it upon usage.
Additional Information
If you have any questions about the Electronic Deposit Insurance Estimator, there is a detailed page set up on the tool’s website that lists questions that are frequently asked by users.
You may also visit the informational support center that is offered online for the FDIC.
To talk directly to a specialist, you may call 1-877-275-3342.
According to the FDIC, each depositor is promised the coverage amount of up to $250,000 at each banking institution. This coverage kicks in should the bank experience some type of failure.
In addition to covering the amount deposited within an account, FDIC insurance also covers any principal amount and any type of accrued interest that has been obtained up through the date that the bank failure occurs- up to the actual limit associated with the coverage.
In order to determine which accounts are covered and the coverage amount you qualify for, you should contact the bank that you work with directly. There are specialists available that will be able to provide you with comprehensive details.
Let Us Help
We here at Somerville Bank offer a multitude of FDIC-insured accounts that you may choose from. Our specialists will work directly with you to ensure that you sign up for the accounts that you need and have all of the tools and resources that you require to bank with confidence.
In addition to this, you may apply for a loan, a mortgage, and other type of financial resource. We offer mobile banking and many other perks to make your banking experience convenient.
We are located in a variety of locations. For more information, contact one of our branches today at: https://somervillebank.net/locations/
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