Is Your Bank of America Checking Account Protected by FDIC Insurance?

Yes, Bank of America checking accounts are FDIC insured up to $250,000 per depositor, per account ownership category, per bank

Bank of America is an FDIC-insured bank, which means the Federal Deposit Insurance Corporation backs deposits held in checking accounts there. The standard coverage limit is $250,000 per person per account type. If you have $50,000 in a Bank of America checking account in your name alone, that money is fully protected. If the bank fails, the FDIC will return your funds up to the limit.

The $250,000 limit applies to each ownership category separately. This means if you have a checking account in your name alone and a joint checking account with your spouse at the same Bank of America branch, each account is insured for up to $250,000. The accounts do not combine toward a single limit.

FDIC insurance covers the account balance as it stands on the day the bank is closed by regulators. It does not cover losses from fraud, theft, or investment performance. It also does not cover safe deposit boxes, items stored in them, or money you have loaned to the bank through other products like CDs or money market accounts (though those have their own FDIC coverage).

Key Takeaways

Bank of America checking accounts held in your name alone are insured up to $250,000 by the FDIC.
Joint checking accounts, accounts held in trust, and accounts held for a minor are each insured separately up to $250,000, so the limit does not combine with your individual account.
FDIC insurance protects your balance if the bank fails, but not if your account is compromised by fraud or unauthorized access.
You can confirm your coverage category and balance by contacting Bank of America or using the FDIC's online coverage calculator.

How FDIC coverage works for different account types at Bank of America

The FDIC insures different account ownership categories separately. A single account — one held in your name alone — is insured up to $250,000. A joint account — one held with another person where both own the money — is insured up to $250,000 per co-owner. If you and your spouse have a joint checking account with $400,000 in it, the FDIC covers $250,000 for you and $250,000 for your spouse, for a total of $500,000 coverage on that one account.

A payable-on-death (POD) account — a checking account where you name a beneficiary to receive the balance if you die — is insured up to $250,000 per beneficiary. If you have a POD account naming your daughter as beneficiary with $300,000 in it, the FDIC covers $250,000. If you have two separate POD accounts at Bank of America, each naming a different beneficiary, each is insured up to $250,000.

Trust accounts held at Bank of America are insured up to $250,000 per beneficiary of the trust, up to a total of $1.25 million for the trust itself. This applies only if the trust is set up correctly and the bank has the proper documentation. A revocable living trust you create is treated differently than an irrevocable trust.

Accounts held for a minor — such as a custodial account under the Uniform Transfers to Minors Act (UTMA) — are insured separately from your own accounts. A custodial checking account is insured up to $250,000 in the child's name.

What FDIC insurance does not cover

FDIC insurance protects your balance only if Bank of America fails as an institution. It does not protect you if someone fraudulently accesses your account, steals your debit card, or uses your account information without permission. If your checking account is compromised, you have rights under the Electronic Funds Transfer Act and Bank of America's fraud policies, but FDIC insurance is not the tool that recovers that money.

FDIC insurance also does not cover investment losses. If you hold stocks, mutual funds, or other securities through a Bank of America brokerage account, those are not FDIC insured. Bank of America's brokerage arm is covered by SIPC (Securities Investor Protection Corporation) instead, which has different limits and rules.

Safe deposit boxes and their contents are not FDIC insured. If you store jewelry, documents, or other valuables in a Bank of America safe deposit box and the bank is robbed or the box is damaged, the FDIC does not cover your loss. You would need to file a claim under your homeowner's or renter's insurance policy instead.

How to verify your FDIC coverage at Bank of America

You can check your coverage in two ways. First, log into your Bank of America account online or through the mobile app and review your account type and balance. Bank of America displays account ownership categories in your account settings. If you are unsure whether your account is held in your name alone, jointly, or in another structure, contact Bank of America directly at 1-800-432-1000 and ask a representative to confirm the ownership category.

Second, use the FDIC's online Electronic Deposit Insurance Estimator (EDIE), available at fdic.gov. Enter your Bank of America account details — the account type, balance, and ownership structure — and EDIE will calculate your exact coverage. This tool is free and does not require you to create an account. It shows you how much of your balance is insured and how much, if any, exceeds the limit.

If your balance exceeds $250,000 in a single account ownership category, you have options. You can open a second account in a different ownership category at Bank of America (such as a joint account if you currently have only a single account), or you can move the excess to another FDIC-insured bank. Each bank's deposits are insured separately, so $300,000 at Bank of America and $300,000 at Wells Fargo would both be fully covered.

What happens if Bank of America fails

Bank of America is a large, well-capitalized institution and bank failures are rare in the United States. However, if the FDIC were to close Bank of America, the agency would either arrange for another bank to take over the deposits or pay depositors directly. In most cases, the FDIC arranges a takeover within one or two business days, and you would straightforward continue using your account under the new bank's name. Your debit card, online access, and automatic payments would continue to work during the transition.

If the FDIC pays you directly instead, you would receive a check or electronic transfer for your insured balance within a few business days. The FDIC has never missed a important date for returning insured deposits. Uninsured balances — amounts over $250,000 in a single ownership category — may be recovered later if the bank's assets are sold, but there is no may provide.

Frequently Asked Questions

If I have $300,000 in a Bank of America checking account in my name, how much is insured?

The FDIC insures $250,000. The remaining $50,000 is not covered. To protect the full amount, you could move $50,000 to another FDIC-insured bank, or open a joint account at Bank of America with a spouse or family member and move $50,000 there — that would be insured separately.

Does FDIC insurance cover money I lose to a scam or fraud?

No. FDIC insurance covers bank failure only, not fraud or theft. If someone steals your debit card information or tricks you into sending money, contact Bank of America when ready. You may be able to recover the money under the Electronic Funds Transfer Act or Bank of America's fraud protection policy, but FDIC insurance does not explore.

Are savings accounts at Bank of America also FDIC insured?

Yes. Bank of America savings accounts, money market accounts, and certificates of deposit (CDs) are all FDIC insured up to $250,000 per account type. A savings account and a checking account are separate ownership categories, so you get $250,000 coverage for each.

What if I have multiple checking accounts at different Bank of America branches?

All Bank of America branches are part of the same bank, so all your checking accounts in your name alone combine toward a single $250,000 limit. If you have $150,000 in a checking account at one branch and $120,000 at another, the FDIC covers only $250,000 total across both accounts. To get separate coverage, you would need to open an account in a different ownership category (such as a joint account) or at a different bank.

Can I increase my FDIC coverage by adding a beneficiary to my checking account?

Yes, if you set up a payable-on-death (POD) account. A POD account is insured separately from your single account, up to $250,000 per beneficiary. Contact Bank of America to add a POD beneficiary to your checking account, and you will have separate coverage for that designation.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.