FDIC Insurance Frequently Asked Questions

We understand the challenging times related to the Coronavirus (COVID-19) outbreak may generate a variety of concerns, but we want to assure you that your deposit funds at Zions Bank remain accessible and insured by the FDIC. Today the FDIC insures up to $250,000 per depositor of the funds in a Zions Bank deposit account. And since 1933, no depositor has ever lost a penny of FDIC-insured funds. So your FDIC-insured account with us is the safest place for you to keep your money.

Frequently Asked Questions:

A. In difficult circumstances, we may need to temporarily limit operations to protect the health of our employees and customers. This may include closing a lobby, converting to drive-up services, or encouraging customers to use ATMs or digital channels to access their services.

Regardless of our operating conditions, your money is insured by the FDIC. Deposits with an FDIC-insured bank or savings institution will continue to be protected up to at least $250,000. 

A. The Federal Reserve System has and will continue to meet the currency needs of banking customers. Be assured that sufficient resources are available to handle customer needs. Keep in mind, the safest place for your money is inside a bank. We will continue to ensure that our customers have access to funds either directly or electronically, and inside an FDIC-insured bank, your funds are protected by the FDIC. 

A: If your deposit account balances exceed $250,000, there are several quick and easy ways to increase or maximize your insurance coverage. Deposits maintained in different categories of legal ownership are separately insured. So you can have more than $250,000 insurance coverage in a single institution through a combination of different categories of ownership. The most common categories of ownership are single (or individual) ownership, joint ownership, and testamentary accounts.

In addition to the FDIC insurance on your other deposits, each depositor is also separately insured up to $250,000 for funds held for retirement purposes (i.e. Individual Retirement Accounts or Keoghs).

You cannot increase FDIC insurance by dividing funds owned in the same ownership category among different accounts. The type of account — whether checking, savings, certificate of deposit, or outstanding official check such as a cashier’s check, or other form of deposit — has no bearing on the amount of insurance coverage. Furthermore, the use of Social Security numbers or taxpayer identification numbers does not determine insurance coverage.

Examples:

$2,000,000 FDIC-Insured Deposits for a Married Couple

Spouse 1’s Individual Account

$250,000 

Spouse 2’s Individual Account

$250,000 

Spouses’ Joint Account 

$500,000 

Spouse 1’s IRA

$250,000 

Spouse 2’s IRA

$250,000 

Spouse 1’s Payable on Death to Spouse 2*

$250,000 

Spouse 2’s Payable on Death to Spouse 1*

$250,000 

$3,500,000 FDIC-Insured Deposits for a Family or Group of Four

Spouse 1’s Individual Account

$250,000 

Spouse 2’s Individual Account

$250,000 

Spouses’ Joint Account 

$500,000 

1st Child’s Aggregate Joint Account Funds

$250,000

2nd Child’s Aggregate Joint Account Funds

$250,000 

Spouse 1’s IRA

$250,000 

Spouse 2’s IRA

$250,000 

Spouse 1’s Payable on Death to Spouse 2*

$250,000 

Spouse 2’s Payable on Death to Spouse 1*

$250,000 

Spouse 1’s Payable on Death to 1st Child* 

$250,000

Spouse 1’s Payable on Death to 2nd Child* 

$250,000

Spouse 2’s Payable on Death to 1st Child* 

$250,000

Spouse 2’s Payable on Death to 2nd Child* 

$250,000

*These illustrations also apply to other beneficiaries. A beneficiary is defined as a natural person, a charitable organization, or a non-profit entity properly organized under IRS code. For other qualifying combination accounts, check with a bank representative, or review the FDIC brochure, “Your Insured Deposit” at https://www.fdic.gov/deposit/deposits/brochures/your-insured-deposits-english.html.

A. The FDIC has a tool for determining deposit insurance coverage, called the Electronic Deposit Insurance Estimator (EDIE), which is available at https://edie.fdic.gov/.

Zions Bancorporation, N.A. is a member of the FDIC and operates through the following divisions: Amegy Bank, California Bank & Trust, The Commerce Bank of Oregon, The Commerce Bank of Washington, National Bank of Arizona, Nevada State Bank, Vectra Bank and Zions Bank.

These divisions of Zions Bancorporation, N.A. are not separate FDIC-insured banks. The FDIC coverage extended to you is that of one insured bank. For more information, please review our Deposit Account Agreement.

A. Yes. Our Customer Care Center agents may be contacted to assist you between 7 a.m-8 p.m. MT toll-free at 888-307-3411.

Additionally, the FDIC has a team of subject matter experts available to answer your questions. Please call 1-877-ASK-FDIC (1-877-275-3342) and ask to speak to a Deposit Insurance Subject Matter Expert between 8 a.m.- 8 p.m. ET, Monday-Friday and 9 a.m.-5 p.m. ET, Saturday-Sunday.

Additional information is available on the FDIC’s website:

https://www.fdic.gov/deposit/
https://www.fdic.gov/deposit/deposits/faq.html
If you prefer, you can also contact the FDIC in writing through the FDIC Information and Support Center’s secure portal: https://ask.fdic.gov/fdicinformationandsupportcenter/s/.