The aim of the campaign is to help Americans feel secure about leaving their money in banks. The government and the banking industry want to prevent customers from withdrawing money in volatile markets to keep “safe” in a shoebox underneath the bed or in a coffee can buried in the backyard.
According to the marketing materials (you can watch the commercials here), the FDIC has not lost one cent of insured money for customers in the group’s 75 year history.
The EDIE calculator works well, taking into account different types of accounts, including IRAs and PODs. It prints a report for you describing the covered amount of your deposits. The calculator does not, however, tell you if the bank where your money is held is a member of FDIC. EIDE assumes that the institutions you enter as you provide your banking information are covered.
To determine whether your banks are members of FDIC and your deposits are insured, use the FDIC Bank Find.
Updated June 20, 2014 and originally published September 17, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.