What is Edie?

The electronic estimate of deposit insurance, or Edie, is an electronic tool offered by the federal company insurance company. FDIC is a US corporation that provides deposits against the risk of bank failure. Edie is designed to help depositors estimate how many of their savings are protected by FDIC. It is financed from payments made by Membership Banks. In the event that this funding is not enough to cover the payouts to the depositors, FDIC has additional cash reserves and legal right to borrow money from the cash register.

There are strict rules on what is and is not insured. The first requirement is that the bank be a member of FDIC. Members' banks must show brands that claim that deposits are "supported by full belief and loan of the United States". The main principle is only covered with HAT deposit accounts: These include the accounts of demand and savings deposits, deposits certificate and outstanding cash registers. Products that are not covered include stocks, bonds and mutual funds, as well as the content of BESeparate depositories. One area of ​​potential confusion involves money markets: the accounts of the money market are covered, but the funds are not.

There are also financial limits of coverage. Since 2011, the first $ 250,000 from any deposit has been included. This limit includes all depositor accounts at a single bank, even if the accounts are in different branches or online. If the depositer has money in two or more different banks, up to $ 250,000 is protected in each bank.

These limitations are somewhat complicated, so FDIC offers a free electronic tool, Edie to help the depositors check their coverage level. Edie allows you to use the details of all the money he has saved in different accounts and returns a summary of how much money is protected against the bank's failure. This tool can be particularly useful in complex situations such as those that include trusted fundy, or depositor that has personal and business accounts with the same bank. However, Edie is designed only as a guide and is offered on a strictly consulting basis; This cannot be cited as evidence in a legal dispute.