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The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. And you don't have to purchase deposit insurance. If you open a deposit account in an FDIC-insured bank, you are automatically covered.

The standard deposit insurance amount is up to $250,000 per depositor, per insured bank, for each account ownership category.

The Federal Reserve – primarily the Federal Reserve Bank of San Francisco – was Silicon Valley Bank's primary regulator. Signature Bank, a New York bank that also failed in March, was regulated primarily by the Federal Deposit Insurance Corporation (FDIC). Both banks also were overseen by state regulators.

Instead, the agency is funded by insurance premiums paid by banks and from interest earned on the FDIC's Deposit Insurance Fund, which is invested in U.S. government obligations. The banks' premiums depend on the size of the bank and bank regulators' assessment of the riskiness of the bank.

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California.

Not all banking institutions are insured by the FDIC. Eligible bank accounts are insured up to $250,000 for principal and interest. The FDIC doesn't insure share accounts at credit unions.

That's because FDIC deposit insurance is meant for everyday bank customers and maxes out at $250,000. Many Silicon Valley startups had millions, or even hundreds of millions of dollars deposited at the bank—money they used to run their companies and pay employees.

institutions apply for federal deposit insurance by filing an Interagency Charter and Federal Deposit Insurance Application (Application Form) with the appropriate FDIC regional office.