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SPIC vs FDIC

SIPC coverage is not the same as the insurance on bank accounts provided by the FDIC. Neither SIPC nor FDIC coverage protects investors against a decline in the market value of securities. SIPC generally protects customers against the physical loss of securities and cash if the broker-dealer holding the securities for the customer fails.

With ESDA, FDIC insurance coverage will be up to $2,500,000 for joint accounts and $1,250,000 for all other accounts, depending on whether you have other deposits at Program Banks that are held in the same capacity (e.g., in joint or single accounts). Any money you hold at a Program Bank outside ESDA may impact the insurance coverage available.