Understanding FDIC Coverage: What It Means for Your Money

At 316 Financial, trust and security are non-negotiable. Banking services are provided by 316 Financial, a division of Primis Bank, Member FDIC—ensuring your eligible deposits are protected up to FDIC limits. But what exactly does FDIC insurance cover, and how does it work for you?

What is FDIC Coverage?

FDIC insurance is a government-backed protection that ensures your money is safe if an FDIC-insured bank ever fails. It gives you peace of mind by safeguarding your deposits up to a specific limit, no matter what happens in the financial world.

Key Benefits of FDIC Insurance:

• Covers up to $250,000 per depositor, per ownership category, per FDIC-insured bank
   Whether you have one or more deposit accounts, your funds are protected up to the insured limit.
• Protects multiple types of accounts
   FDIC coverage applies to checking accounts, savings accounts, money market deposit accounts, and certificates of deposit.
• Guaranteed by the U.S. government
   Your deposit accounts are backed by the full faith and credit of the U.S. government.
• No cost to you
   FDIC insurance is automatically applied to your eligible accounts—no need to sign up or pay extra.

How FDIC Coverage Works at 316 Financial

316 Financial is a division of Primis Bank, Member FDIC. Your eligible accounts are covered through Primis Bank as an FDIC-insured institution. This means your 316 Financial deposits receive the same level of protection you'd expect from any major financial institution.

Important Things to Know:

• Your deposits are insured up to $250,000 per depositor, per ownership category at Primis Bank.
• You don’t need to do anything extra—your coverage is automatic.
• FDIC insurance covers funds in deposit accounts only, not investments like stocks, insurance or crypto assets.

FDIC insurance offers peace of mind, so you can focus on what matters most—growing your money and making a meaningful impact. Banking with 316 Financial means you’re not only supporting causes that uplift communities, but your deposit accounts are also backed by the trusted security of FDIC insurance. It’s just another way we’re committed to providing a better banking experience—one that’s both purpose-driven and protected.

Want to learn more? Visit the official FDIC website for detailed information and tools to calculate your coverage.