Understanding FDIC Deposit Insurance

Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank and at First Financial Northwest Bank, our deposits have been FDIC insured since 1935.

Coverage is automatic whenever a deposit account is opened at First Financial Northwest Bank. If you want your funds insured by the FDIC Deposit Insurance, simply place your funds in a deposit account at First Financial Northwest Bank and make sure that your deposit does not exceed the insurance limit for that ownership category. The standard deposit insurance amount is $250,000 per depositor, per FDIC-insured bank and per ownership category.

• Are Your Deposit Accounts Covered?

  FDIC insurance covers traditional deposit accounts, and depositors do not need to apply for FDIC insurance.

  Deposit Products:

  The following examples of deposit products which are insured by the FDIC

  • Checking Accounts
  • Savings Accounts
  • Money Markert Deposit Accounts
  • Certificates of Deposit (CD)
  • Prepaid Cards (Assuming Certain FDIC requirements are met)

  To see a full list of FDIC insurance coverage you may be entitled to, click here to view FDIC ownership categories. This generally means the manner in which you hold your funds at the bank

• How Much of Your Deposits Are Insured?

  EDIE, the FDIC’s Electronic Deposit Insurance Estimator, lets consumers know how the insurance rules and limits apply to your deposit accounts. EDIE shows what is insured and what portion (if any) exceeds coverage limits at First Financial Northwest Bank and, EDIE allows the user to print the report for their records.

  EDIE can be used to calculate the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank, including:

  • Checking Accounts
  • Savings Accounts (both statement and passbook)
  • Money Market Deposit Accounts (MMDAs), and
  • Certificates of Deposit (CDs)

  EDIE should NOT be used for investments, including:

  • Mutual Funds
  • Stocks
  • Bonds
  • Annuities
  • Crypto Assets
  • ANY investment that is not a deposit

• Use the EDIE Calculator:

  Take it one FDIC-insured bank at a time. Enter all of your personal, business and government accounts for that bank, then go through all three steps. When your report for the first bank is complete, start again with your next bank until you have a report for each bank where you have deposit accounts.

  

  *EDIE is designed to give an accurate deposit insurance calculation, assuming it is properly used and the account information is correctly entered. However, the results and conclusions generated by EDIE are strictly advisory. All actual claims for deposit insurance shall be governed exclusively by information set forth in the FDIC-insured institution's records and applicable federal statutes and regulations then in effect. This calculation is based on the deposit insurance regulations in effect as of July, 2011. The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category