FDIC Insurance

The Federal Deposit Insurance Corporation is an independent federal agency that insures deposits at member banks. It was created in 1933 amidst the turmoil of the Great Depression to restore trust in the American banking system, a mission that persists to this day. Sandy Spring Bank has been a member of the FDIC since 1934.

Commonly Asked FDIC Insurance Questions

  • Question

    What is the FDIC?
    Answer

    The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring depositors for at least $250,000 per insured bank; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.

    Learn more at FDIC.gov »

  • Question

    What is covered?
    Answer

    FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.

    Learn more at FDIC.gov »

  • Question

    What are the FDIC coverage limits?
    Answer

    Basic FDIC Deposit Insurance Coverage Limits*

    Account TypeCoverage Limits

    Single Accounts
    (owned by one person)

    $250,000 per owner

    Joint Accounts
    (owned by two or more persons)

    $250,000 per co-owner

    IRAs and certain other
    retirement accounts

    $250,000 per owner

    Trust Accounts

    $250,000 per owner per beneficiary subject to specific limitations and requirements

    Corporation, Partnership and Unincorporated Association Accounts

    $250,000 per corporation, partnership or unincorporated association

    Employee Benefit Plan Accounts

    $250,000 for the non-contingent, ascertainable interest of each participant

    Government Accounts

    $250,000 per official custodian

    Please refer to the question below for information about how Sandy Spring Bank’s merger with Atlantic Union Bank may affect these FDIC coverage limits.

    Learn more at FDIC.gov »

  • Question

    Does Sandy Spring Bank’s merger with Atlantic Union Bank affect my coverage limits?
    Answer

    Sandy Spring Bank has merged into Atlantic Union Bank effective April 1, 2015.  Atlantic Union Bank will continue to operate Sandy Spring Bank branches under the name of “Sandy Spring Bank” until Sandy Spring Bank systems are integrated with Atlantic Union Bank, which is expected to occur in the fourth quarter of 2025.

    For any insured deposit accounts, FDIC deposit insurance is combined for all your deposit accounts maintained at all branches of Atlantic Union Bank, including those branches operating under the “Sandy Spring Bank” trade name.

    If you maintained deposit accounts at both Atlantic Union Bank and Sandy Spring Bank prior to the banks’ merger, separate insurance of those accounts will continue for a six-month grace period ending October 1, 2025.

    For time deposits/CDs, the applicable grace periods for FDIC deposit insurance coverage are as follows:

    • CDs that mature after the six-month grace period ending October 1, 2025 remain separately insured until they mature.
    • CDs that mature before October 1, 2025, and are renewed for the same time-period and the same dollar amount as the original deposit, will continue to be separately insured until the first maturity date after October 1, 2025.
    • CDs that mature before October 1, 2025, and are renewed for a different dollar amount or a different time-period, or CDs that mature before October 1, 2025 and are not renewed and thereby become regular savings or demand deposits, are separately insured only until the end of the six-month grace period (i.e., October 1, 2025).
  • Question

    How do depositors apply for FDIC insurance?
    Answer

    Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank.

    Learn more at FDIC.gov »

More Information

*These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.