The information from your bank isn’t correct. The FDIC Deposit Insurance rules are as follows:
Posted on March 30th, 2009 by Life Insurance News
“FDIC Deposit Insurance Coverage” “The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds. FDIC insurance covers funds in deposit accounts, including
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