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What is the FDIC, and what does it mean if a bank is an FDIC member?

April 26, 2017Bank FDIC mean

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What is the FDIC, and what does it mean if a bank is an FDIC member?

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The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress in 1933. It is the primary federal regulator of state-chartered banks that are not members of the Federal Reserve System. In addition, it insures the deposits of member banks, up to $100,000 per account. Almost all U.S. banks and savings associations are members of the FDIC.