FDIC Insurance

The Federal Deposit Insurance Corporation, or FDIC, is an independent agency of the United States government that was established by Congress with a mission to insure bank deposits.  The FDIC is backed by the full faith and credit of the United States government.  The FDIC insures Eastern Bank’s eligible consumer and business deposits against potential loss as described below.  Deposits are also protected by the financial strength and stability of Eastern Bank, which has been serving the needs of individuals and businesses since 1818.

Overview of Insurance Coverage

Coverage Provided by Standard FDIC Insurance
Deposits are insured up to $250,000 per depositor, per ownership category. Deposit accounts include checking, savings, money market deposit accounts, and certificates of deposit (CDs).  In addition, retirement deposit accounts, including IRAs and SEPs are separately insured up to $250,000 per owner.

What is Not Insured by the FDIC
The FDIC does not insure money invested in non-deposit investment products, such as stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if these investments were bought from an insured bank. The FDIC does not insure municipal securities, safe deposit boxes or their contents, U.S. Treasury bills, bonds, or notes.