What is the FDIC?
The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. The term insured bank is used in this brochure to mean any bank or savings association with FDIC insurance. To check whether your bank or savings association is insured by FDIC, call toll-free 1-877-275-3342, use “Bank Find” at www.fdic.gov/deposit/index.html, or look for the official FDIC sign where deposits are received.
FDIC stands for Federal Deposit Insurance Corporation. It is an independent agency of the federal government that regulates about 5,300 banks in the United States. In the 1920s and early 1930s, the U.S. banking system was plagued with thousands of failures and many Americans became weary of making deposits. in 1933, Congress passed the Glass-Steagall Act and on 1 January 1934, the FDIC began its operations. The charter of the FDIC is to maintain public confidence in the banking system; this is achieved by providing insurance to depositors and by taking pre-emptive measures to minimize bank failures. Depositors are granted $100,000 insurance for their savings and checking deposits; if a bank fails, the FDIC will reimburse depositors up to $100,000. Member banks proudly post emblems proclaiming their FDIC membership in conspicuous locations in each branch. The FDIC is funded entirely by member banks who must meet specific liquidity and reserve requirements. Examiners regularly visit bank
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States Federal Government and insures all types of deposits received by a financial institution in its usual course of business. FDIC-insured deposits are backed by the full faith and credit of the United States Federal Government.
