Is Bank of America Insured by FDIC?

Yes, all Bank of America bank accounts are FDIC insured up to $250,000 per depositor, for each account ownership category, in the event of a bank failure. The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance covers all types of deposit accounts (checking, savings, money market savings and CDs), as well as bank individual retirement accounts (IRAs). In Bank of America’s case, only 40% of its deposits are insured by the FDIC. That equates to $510 billion. The remaining $770 billion isn’t insured. By comparison, more than half of an average bank’s deposits are insured — 51%, to be precise. Bank of America serves larger clients than the average bank. With a sizable corporate banking business, many of its customers are Fortune 500 companies, which can have tens of millions of dollars on deposit at a bank at any one time. If you have more than $250,000 in deposits, you can open an account at a different bank to stay under the FDIC insurance limit per bank. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled.

The Federal Deposit Insurance Corporation (FDIC) protects against losing insured deposits if an FDIC-insured bank fails. The FDIC insures deposits per depositor, per FDIC-insured bank, per ownership category. In 2022, the FDIC covers accounts up to $250,000 in deposits.
Since 1934, no depositor lost insured funds due to bank failure. The FDIC maintains stability in the financial system. It insures deposits, examines banks, makes large banks resolvable, manages receiverships.