FDIC cover for non USA citizens

Discussion in 'Trading' started by Digs, Mar 4, 2009.

  1. Digs


    I have monies in with a USA broker, in a USA bank, I am not a USA citizen, I live outside the USA, I assume my account is covered upto $250k by the FDIC

    Is this correct ?
  2. You're covered as long as it is in a US branch, that is, not in a subsidiary of a US bank in a foreign country. As long as your money is on US soil, you're covered.

    Here's the law:

    "The FDIC believes "deposit liability" for purposes of the recently enacted national depositor preference provisions of the Federal Deposit Insurance Act (12 U.S.C. 1821(d)(11)) is defined with reference to "deposit" under section 3(1) of the Federal Deposit Insurance Act (12 U.S.C. 1813(1)). As a consequence, "deposit liability" for purposes of national depositor preference includes only deposits payable in the United States and excludes obligations payable solely at a foreign branch or branches of a United States chartered bank."

    Here's the link to the FDIC website:

  3. Addition: As long as the bank you're depositing in is covered by the FDIC (duh :))
  4. So, from the above, you're cool as long as you can get into the US