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When you deposit money into a bank, you expect it to be safe and accessible whenever you need it. But what happens if the bank itself runs into trouble or even goes out of business? That’s where the Federal Deposit Insurance Corporation (FDIC) comes in.

FDIC insurance is a crucial safety net that protects depositors’ funds in the rare event of a bank failure. This ensures that you don’t lose your money (up to certain limits) if a financial institution goes belly up.

But there are rules and limits surrounding FDIC insurance that are important for banking customers to understand. Read on for a closer look at what the FDIC is, what “FDIC insured” means, and how to make the most of the FDIC’s coverage.

What Is the FDIC?

The FDIC is shorthand for the Federal Deposit Insurance Corporation. It’s an independent agency of the U.S. government that provides insurance to protect depositors’ money in case of a bank failure. You don’t need to apply for this insurance when you open a bank account — your deposits are automatically insured up to at least $250,000 at each FDIC-insured bank.

The National Credit Union Administration (NCUA) offers similar protection at credit unions.

History and Mission of the FDIC

The FDIC was created under the Banking Act of 1933 in response to the many bank failures during the Great Depression. In the early 1930s, the U.S. experienced one of the most severe banking crises in history. Thousands of banks failed, wiping out savings and triggering widespread financial panic. To prevent future economic disasters and protect the savings of ordinary Americans, Congress established the FDIC.

The FDIC officially began operations on January 1, 1934. Its initial insurance limit was $2,500 per depositor, which has been increased multiple times over the decades to reflect inflation and changing economic conditions. Today, the standard insurance coverage limit is $250,000 per depositor, per insured bank, for each account ownership category (more on exactly how this works below).

What Does the FDIC Do?

The FDIC plays a crucial role in the U.S. financial system by acting as both an insurer and a regulator.

Role of the FDIC in Maintaining Financial Stability

The FDIC’s primary responsibility is to safeguard depositors’ funds and ensure that banks operate in a sound and secure manner. It does this by:

•   Providing deposit insurance: By insuring deposits, the FDIC protects individual and business accounts from losses due to bank failures. Customers do not pay for this insurance; banks cover the cost of insurance premiums.

•   Conducting bank examinations: The FDIC regularly audits banks to ensure they are following sound financial practices and complying with federal regulations.

•   Managing risk: The FDIC monitors financial institutions for signs of instability and typically steps in to address problems before they lead to failure.

•   Handling bank failures: If a bank does fail, the FDIC ensures that depositors’ insured funds are quickly accessible. They often do this by transferring the funds to another bank or directly reimbursing depositors.

Recommended: What Are National Banks?

How the FDIC Protects Consumers

Thanks to FDIC insurance, the money you deposit in a checking account or savings account remains safe (up to certain limits), even if your bank goes out of business. In fact, no depositor has lost any insured money as a result of bank failure since the creation of FDIC insurance.

The FDIC’s protection extends beyond just insuring deposits, though. The agency also enforces consumer protection laws to prevent unfair practices by banks. These protections include:

•   The Truth in Lending Act, which requires banks to disclose the terms and costs of loans and credit products.

•   The Electronic Fund Transfer Act, which protects consumers when they use ATMs, debit cards, and electronic payment systems.

•   The Fair Credit Reporting Act, which regulates how banks use and share consumer credit information.

Through these regulations, the FDIC ensures that banks treat consumers fairly and transparently, and help foster trust in the financial system.

Types of Accounts Insured by the FDIC

The FDIC covers common banking products, including checking accounts, savings accounts, and money market accounts. However, not all financial products qualify for FDIC coverage.

How to Tell if Your Money Is FDIC-Insured

To determine if a bank is FDIC-insured, you can ask a bank representative or look for the FDIC sign when visiting a branch. If you use an online bank, the company’s website should contain information about its coverage.

Another option is to use the FDIC’s BankFind tool. BankFind provides access to detailed information about all FDIC-insured institutions, including branch locations, the bank’s official website, and the current operating status of the bank.

Commonly Covered Accounts Under FDIC Insurance

The FDIC insures all deposit accounts at insured banks and savings associations up to the FDIC’s limits, including:
Checking accounts

•   Checking accounts

•   Savings accounts, including high-yield savings accounts

•   Money market accounts

•   Certificates of deposit (CDs)

•   Prepaid cards (if certain FDIC requirements are met; also note that funds are only insured in the event of bank failure, not loss or theft of card)

•   Certain retirement savings accounts (in which plan participants have the right to direct how the money is invested)

Types of Accounts Not Insured by the FDIC

While the FDIC protects many types of deposit accounts, not all financial products are covered. For example, investments in the stock market and other securities carry inherent risks, and the FDIC does not cover losses in these markets.

Examples of Uninsured Financial Products

Products that are not insured by the FDIC include:

•   Stocks

•   Bonds

•   Annuities

•   Crypto assets

•   Mutual funds

•   Municipal securities

•   Life insurance policies

•   The contents of a safety deposit box

How FDIC Insurance Works

Understanding how FDIC insurance works is essential to maximizing your coverage and protecting your assets.

Coverage Limits and How They Apply

FDIC insurance covers up to $250,000 per depositor, per institution, and per ownership category. But what exactly does that mean? Let’s break it down.

•   “Per deposit, per institution” refers to one person (the depositor) at one insured bank. If you own multiple deposit accounts at the same bank those deposits count towards the $250,000 limit. If you own accounts at two different banks, each account would have separate and full coverage.

•   “Per ownership category” generally refers to whether the account is owned by one person (single) or owned by two or more individuals (joint). (Other types of ownership categories include certain retirement accounts, employee benefit plan accounts, and business accounts.)

For example:

•   An individual with a checking account and a savings account at the same bank is insured for up to $250,000 across both accounts.

•   A couple with a joint account is insured for up to $500,000 ($250,000 per depositor).

•   A person with a checking account at one insured bank and a savings account at another insured bank is insured for up to $250,000 at each bank.

If you’re married and want to maximize your FDIC insurance, you and your spouse could each open individual accounts at one bank (resulting in each of you having up to $250,000 FDIC-insured), then also open a joint account (where each of you has $250,000 insured). Across all three accounts, you could have up to $1 million FDIC-insured at one bank.

If you’re not sure if all your cash on deposit at a bank is insured, the FDIC’s Electronic Deposit Insurance Estimator can show your specific deposit insurance coverage once you put in your account details.

What FDIC Insurance Does Not Cover

FDIC insurance does not cover:

•   Investment losses (stocks, bonds, mutual funds)

•   Losses due to bank fraud or theft

•   Funds held at non-FDIC-insured banks

•   Failure or bankruptcy of a non-bank

•   Business losses related to bank failure

What Happens if a Bank Fails?

When a bank fails, the FDIC steps in to protect depositors and minimize disruption to the financial system.

Steps the FDIC Takes to Protect Depositors

If a bank were to collapse, the FDIC would intervene in two ways:

Giving Customers Access to Their Funds

The FDIC would pay depositors up to the insurance limit to cover their losses. So, if you had $10,500 in an insured account and the bank failed, you would be reimbursed for that amount. Typically, this happens within a few days after a bank closes.

The FDIC may pay depositors by providing a new account at another insured bank for the insured amount they had at the failed bank, or by issuing a check for that amount.

In some cases, you may be able to receive amounts higher than the coverage limit, but there is no guarantee. If the failed bank is acquired by another institution, your uninsured funds may also be transferred. If the failed bank is dissolved, you typically need to file a claim with the FDIC to recoup uninsured funds.

Becoming the “Receiver” of the Failed Bank

The FDIC also takes responsibility for collecting the assets of the failed bank and settling its debts. As assets are sold, depositors who had more than the $250,000 limit in an insured account may receive payments on their claim, though this can take several years.

How to Recover Your Money if a Bank Fails

Recovering your funds after a bank failure is usually straightforward. Here’s how it works.

FDIC Claims Process Explained

Because of the FDIC safety net, you won’t likely see fearful customers lining up to get their money the way they did before deposit insurance was established.

Still, when a bank closes, it can cause depositors to worry and wonder how to get their money. Typically, there are one of two scenarios when a bank fails:

•   Most commonly, you would become a depositor at a healthy, FDIC-insured bank. You would have access to your insured funds at this new bank and could likely choose to keep your accounts there if you like.

•   If there is not a healthy, FDIC-insured bank that can step in quickly, the FDIC will likely pay the insured depositor by check within as little as a few days after the bank closes.

As for immediate next steps if you learn your bank is closing, the FDIC aims to post information as promptly as possible, or you can contact the agency at 877-ASK-FDIC or visit the FDIC Support Center website.

The Takeaway

Though it’s a rare occurrence, a bank can fail when it takes on too much risk. This means the bank can’t meet its financial obligations to its depositors and borrowers. If your bank is covered by FDIC insurance, you can receive reimbursement up to certain limits, meaning your funds aren’t lost for good. FDIC insurance covers checking accounts, savings accounts, money market accounts, CDs, and other deposit accounts.

The FDIC does not cover some of the other financial products or services offered by banks, including stocks, bonds, mutual funds, annuities, and securities.

Putting your money in a brick-and-mortar financial institution isn’t the only way to make sure it’s protected. Many online banks, including SoFi, are FDIC-insured.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How often does a bank fail?

Currently, bank failure is relatively uncommon. Since January 2020, there have been 12 bank failures in the U.S., but only three of these were major banks.

In stable economic periods, bank failures tend to be rare due to strict regulations and oversight. If an insured bank does go under, the FDIC steps in to protect depositors by covering funds up to the standard limit. This ensures customers can access their money with little to no disruption.

How does the FDIC differ from the NCUA?

The FDIC (Federal Deposit Insurance Corporation) insures deposits at banks, while the NCUA (National Credit Union Administration) insures deposits at credit unions. Both provide up to $250,000 in coverage per depositor, per institution, and per account ownership category.

The FDIC is an independent government agency, while the NCUA is a federal agency overseeing credit unions. Although they serve similar functions, they apply to different types of financial institutions — banks (FDIC) and credit unions (NCUA).

How many banks are FDIC insured?

As of the third quarter of 2024, the FDIC (Federal Deposit Insurance Corporation) insured 4,517 banks and savings institutions in the U.S. The FDIC protects deposits up to $250,000 per depositor, per insured bank, per account category. The number of FDIC-insured banks has declined over time due to mergers and acquisitions, but the FDIC continues to monitor and regulate the banking system.

Are credit unions FDIC insured?

No, credit unions are not insured by the FDIC (Federal Deposit Insurance Corporation). Instead, they are insured by the NCUA (National Credit Union Administration), which provides similar protection for deposits up to $250,000 per depositor, per credit union, and per account type.

The NCUA operates the National Credit Union Share Insurance Fund (NCUSIF) and ensures that credit union members’ deposits are safe even if the institution fails, similar to how FDIC insurance protects bank customers.

Does FDIC insurance cover online banks?

Yes, FDIC insurance typically covers online banks just as it does traditional brick-and-mortar banks. This protects your deposits up to $250,000 per depositor, per insured bank, per ownership category, even if the online bank fails. You can confirm an online bank’s FDIC status by checking the FDIC website, the bank’s website, or contacting the bank directly.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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SOBNK-Q125-063

Staying on top of student loan payments is an important part of your overall financial health. If you’re concerned about making payments on time, or if you’re reevaluating your budget, you may be wondering how to lower student loan payments.

Many borrowers may be eligible for options that can reduce their student loan payments. Read on to learn about some strategies that could help.

Can You Reduce Your Student Loan Payments?

There are several ways you may be able to lower your monthly payments. For example, if you have federal student loans, the Graduated Repayment Plan, in which your payments start small and gradually go up over time, is an option you can explore.

Borrowers might also want to consider refinancing student loans at a lower interest rate or with a longer loan term, both which may lower monthly payments. (Note: You may pay more interest over the life of the loan if you refinance with an extended term.) It’s possible to refinance private and federal student loans, although there are many factors to consider.

Assessing Your Student Loan Repayment Situation

Before you can determine if you can lower your student loan payments, however, it’s important to know the type of loans you have, since this can affect your student loan repayment options.

You can find all of your federal student loans and the individual loan servicers, by logging into your account on Federal Student Aid.

Unless you choose another plan, federal loans are automatically placed in the Standard Repayment Plan, which sets your monthly payments at a fixed amount so your loans will be paid off within 10 years. Some private loans also follow the 10-year repayment timeline, but it varies depending on the lender.

The next step is to assess how much debt you have in total. By calculating what you owe, you can get a better understanding of how your current repayment plan is working and whether you want to consider changing it.

Once you have all of your loan information, you can use a student loan payoff calculator or contact your loan servicer to find your current payoff dates for your student loans. The calculator can also help you determine which repayment plans you qualify for. Keep in mind that if you change to a longer term to lower your monthly student loan payments, you may end up paying more over the life of the loan since interest will continue to accumulate over the longer term.

If you only need temporary relief, consider contacting your loan servicer to see if you are eligible for student loan deferment or forbearance. Both options let borrowers temporarily pause or lower loan payments for reasons such as unemployment or going back to school. Depending on the type of loan you have, interest may still accrue during this time.

Recommended: When Do You Have to Start Paying Back Student Loans?

Ways to Lower Your Monthly Student Loan Payments

There are different ways to reduce your student loan payments. One or more of these methods might be right for your situation.

1. Enroll in Autopay for Interest Rate Reductions

Federal loan servicers and some private lenders offer incentives if you elect to make automatic payments, such as a 0.25% interest rate reduction. With auto payments, you won’t have to worry about missing student loan due dates. Autopay can also help you incorporate your student loan payments into your budget as an expense that must be accounted for every month.

2. Talk to Your Loan Servicer About Alternative Repayment Plan Options

If you’re interested in changing federal repayment plans to help lower student loan payments, contact your loan servicer to learn more.

One option is the Graduated Repayment Plan, as mentioned, which has a payment timeline of 10 years (or up to 30 years for Direct Consolidation loans), and starts out with lower monthly payments. The payment amount gradually increases, usually every two years. Note that you will likely pay more in interest with this plan.

If you have more than $30,000 in eligible outstanding student debt on most loans, you can also ask about the Extended Repayment Plan, which lengthens your loan repayment timeline to 25 years and can make your monthly payments smaller. However, you may end up paying more in interest over the life of the loan on the extended plan.

3. Consider Income-Driven Repayment for Federal Loans When Available

As of March 2025, access to income-driven (IDR) plans for new borrowers is currently on hold while the Trump administration reevaluates these plans. You can find out more about this and any new developments on the Federal Student Aid website. In the meantime, here is a quick rundown of how these plans typically work.

On an IDR plan, how much you owe each month is based on your monthly discretionary income and family size. IDR options typically offer loan forgiveness after borrowers make consistent payments for a certain number of years. However, forgiveness on all but one of the IDR plans is currently paused.

These are the types of IDR plans.

•   Income-Based: Payments are generally about 10% of a borrower’s discretionary income, and any outstanding balance is forgiven after 20 or 25 years.

   Note that on the IBR plan, forgiveness after the repayment term has been met is still proceeding as of March 2025, since this plan was separately enacted by Congress.

•   Saving on a Valuable Education (SAVE): As of March 2025, the SAVE plan is no longer available after being blocked by a federal court. Forgiveness has been paused for borrowers who were already enrolled in the plan and they have been placed in interest-free forbearance.

•   Pay As You Earn (PAYE): A borrower’s monthly payment on PAYE is roughly 10% of their discretionary income, and they’ll make 20 years of payments. As of March 2025, forgiveness has been paused for borrowers who were already enrolled in the plan, and they have been placed in interest-free forbearance.

•   Income-Contingent Repayment (ICR): The monthly payment amount on this plan is either 20% of a borrower’s discretionary income divided by 12, or the amount they would pay on a repayment plan with a fixed payment over 12 years, whichever is less. The repayment term is 25 years. As of March 2025, forgiveness has been paused for borrowers who were already enrolled in the plan and they have been placed in interest-free forbearance.

4. Explore Loan Assistance and Forgiveness Programs

If you’re eligible, a Loan Repayment Assistance Program (LRAP) can provide funds to help you lower your student loan payments. Since private loans are not eligible for the federal income-based repayment plans mentioned above, an LRAP could be helpful for those with both private and federal student loans.

Some states, organizations, and companies may offer LRAPs, especially if you work in certain fields like health care or education. LRAPs often include a requirement that you work in your eligible job for a certain number of years, typically in public service.

There are also federal and state forgiveness programs you may be eligible for. For example, if you have federal student loans and you’re employed by government entities or nonprofits, you might qualify for Public Service Loan Forgiveness (PSLF). Borrowers pursuing this program agree to work in underserved areas and must meet specific requirements to have their loan forgiven after 120 qualifying payments on an income-driven repayment plan.

A number of states also have student loan forgiveness programs, especially for individuals working in health care and education. Check with your state’s department of education to see what’s available.

5. Refinance to Potentially Lower Interest Rates

Student loan refinancing is an option that may be helpful if you have student loans with high interest rates or private student loans.

When you refinance student loans, a lender pays off your existing loans and gives you a new loan with new terms. Refinancing may save you money in the long run if you get a lower interest rate, or you could change your term to get more time to pay off your loan and lower the cost of your monthly student loan payments, though you may pay more in interest in the long run.

Keep in mind, however, that if you refinance a federal student loan, you’ll lose access to federal benefits and protections.

What to Do if You Can’t Afford Your Student Loan Payments

With most federal student loans, if you don’t make a payment in more than 270 days, you’ll default on the loan. Private loans are often placed in default as soon as after 90 days.

Defaulting can impact your credit score, and have other negative consequences, including losing eligibility for deferment, forbearance, and other valuable repayment options. The best path forward is to avoid default. If you are having trouble making payments, contact your loan servicer right away.

Planning for Life After Student Loan Repayment

Along with managing your student loan payments, it’s also important to save for your future. That might include a down payment on a house, putting money away for your child’s education, and investing for retirement.

To plan for life after student loan repayment, work to build an emergency fund to handle sudden expenses, such as medical bills or job loss. Aim to have at least three to six months’ worth of expenses in your emergency fund, and keep it in a separate bank account so you won’t be tempted to spend it.

Also, open a savings account, if you don’t already have one, to put away money each week or month for your financial goals. Participate in your 401(k) at work, if that’s an option. And you might also want to consider opening an IRA to help maximize your retirement savings and secure your financial future.

Refinancing Student Loans With SoFi

There are several strategies to make your student loan payments more manageable, including choosing a new repayment plan, signing up for autopay, and student loan refinancing. Explore the options to determine what makes sense for your situation.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

Can you negotiate student loans down?

You generally can’t negotiate student loans unless you’ve stopped making payments and your loans are delinquent or in default, a situation that has serious financial consequences, such as potentially damaging your credit score.

There are other options to lower student loan payments, however. If you need temporary relief, you can contact your loan servicer to see if you’re eligible for deferment or forbearance. If you have federal loans, you may be able to change your loan term or enroll in a different repayment plan. Borrowers with private loans can explore refinancing their student loans to see if they qualify for a lower interest rate or more favorable loan terms.

How do I negotiate student loan payoff?

If your student loans are delinquent or in default, you may be able to negotiate a settlement for a lower payment amount, but this is generally seen as a last resort because of the negative financial consequences. If you are struggling to make your payments, contact your lender to see what other options may be available to you.

What is average student loan debt?

The average student borrower has $38,375 in student loans to pay off, according to the Education Data Initiative.

What are the pros and cons of refinancing student loans?

The pros of student loan refinancing include potentially getting a lower interest rate on your loan or better loan terms if you qualify. Your loans may also be easier to manage because you can streamline them into one new loan with one monthly payment.

The disadvantages of student loan refinancing include potentially paying more in interest if you lengthen your repayment term to lower your monthly payments and losing access to federal benefits if you refinance federal loans. Weigh the pros and cons to decide if refinancing makes sense for you.

Does deferment or forbearance affect my credit score?

Neither deferment nor forbearance affect your credit score. Both options allow you to temporarily stop payments on your student loans if you are struggling to afford them. The main difference between them is that with deferment, some federal student borrowers may not be required to pay the interest that accrues on certain types of loans during the deferment period. With forbearance, a borrower is generally required to cover accruing interest while the loan is in forbearance.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.