How to File an FDIC Claim If Your Bank Fails

Step-by-step guide to recover your deposits if your bank fails and what FDIC insurance actually covers.

  1. Understand what FDIC insurance covers. FDIC insurance protects up to $250,000 per depositor, per bank, per account category. A checking account, savings account, and money market account at the same bank are three separate categories, each covered to $250,000. Joint accounts are covered separately—up to $250,000 per co-owner. CDs, retirement accounts, and trust accounts also have their own $250,000 limits. Anything over the limit at that specific bank is not covered.
  2. Track your account balances and categories now. Before a failure happens, know how much you have and in which account type at each bank. Use the FDIC's online calculator (available at fdic.gov) to confirm your coverage. If you have more than $250,000 at one bank, split the excess into a different institution or a different account category to stay protected. This is the only action you take ahead of time.
  3. Do nothing when the bank closes. When a bank fails, the FDIC steps in immediately. You will receive written notice—typically by mail. The FDIC does not require you to file a claim. Your deposits are automatically paid to you without paperwork. Do not send anything to anyone or attempt to withdraw funds during the closure period.
  4. Wait for your insurance payout. The FDIC typically pays out depositors within one to three business days of the bank closure. Payments are made by check or direct deposit if that information is on file. You may also have temporary access to your account while the FDIC arranges payment. Do not assume your money is gone—the insurance is automatic.
  5. If you dispute the payout, request a review. If you believe your coverage was miscalculated or your claim was mishandled, you can file a claim dispute with the FDIC. Contact the FDIC's Division of Depositor and Consumer Protection, or visit fdic.gov to find your receiver's contact information. You have 18 months from the bank closure to dispute a determination. Disputes are rare—most payouts are straightforward.
  6. Report any lost checks or delays. If you don't receive your payment within a reasonable timeframe (typically 3–5 business days), contact the FDIC receiver appointed to handle the closed bank. Have your account number and name on file ready. The FDIC tracks all payments and can reissue a check or investigate if a payment was lost.