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While that is what they're legally required to insure. The reality is that even people with 10s of millions get fully covered. The FDIC has been covering 100% of retail bank accounts for a couple decades.
Most recently when the Silicon Valley Bank collapsed, accounts with over $60M were fully covered.
That’s because in those cases the FDIC receives the assets from the bank and distributes those. If they didn’t receive enough funds, individual depositors would not receive extra coverage from the FDIC
A quick google search showed that this happens to about 6% of accounts over the insured limit
Not legally guaranteed though, and it has to be a HUGE bank. Regional banks or Credit Unions will not do this.
The banks and credit unions aren't the one's covering the deposits. FDIC is for when the bank itself fails, when they can't cover their customer's deposits.
And yes it happens all the time for regional banks and credit unions. SVB was news only because they're an odly large and important regional bank. But they were treated by FDIC like any other. No depositor at any retail bank in the US has lost their money due to a bank failure in 20+ years.
Sorry, I should have been more. ABOVE the 250k level is what they aren't LEGALLY required to cover. Banks that do that and are FDIC insured are doing that on their own.
Yes that's just reiterating what I literally said originally.
There aren't different tiers of FDIC insurance. The banks aren't choosing to paying for extra coverage. The FDIC is a federal program. Yes the banks pay into it. It's required by law that they do. But the FDIC decides on it's own if it will cover more than $250k. And they have, for every bank collapse, no matter the size, at least since the late 90s.