(Washington, DC) — The DC Department of Insurance, Securities and Banking (DISB) today released the following joint statement with the Federal Deposit Insurance Corporation (FDIC) about the condition of District of Columbia banks, based on concerns depositors may have with the safety of their deposits because of a few recent bank failures in other parts of the country.

Depositors in District of Columbia banks, as well as those in other states, should understand that their deposits in FDIC-insured banks are safe, whether those institutions are chartered and regulated by the District of Columbia or by federal banking regulators. All District of Columbia depositors benefit from FDIC insurance coverage at least up to $100,000 per institution with an additional $250,000 per institution for certain retirement accounts, mainly IRAs. The banking system remains on a solid footing through regulatory oversight and the guarantees provided by FDIC insurance. The industry-funded reserves are strong and the FDIC’s insurance guarantee is backed by the full faith and credit of the United States Government.

Since the creation of the FDIC 75 years ago, no bank depositor has ever lost a penny of insured deposits. The FDIC’s promise to the nation’s bank customers is spelled out in the Depositor Bill of Rights. 

If you have any questions about whether your deposits are insured, we encourage you to consult with your bank, contact an FDIC deposit insurance specialist at 1 (877) ASK-FDIC, or visit their website at fdic.gov.