banking

What is FDIC?

 

What is FDIC?

The Bankrate.com financial term of the day is: "FDIC"

FDIC stands for Federal Deposit Insurance Corp. It's the federal agency that insures bank deposits, so you can know your money is safe. The government protects up to $250,000 per account. The FDIC was created in 1933 following bank failures and runs on banks during the Great Depression.

FDIC insurance is mandatory for all nationally chartered banks and all banks that are members of the Federal Reserve System.

The FDIC backs up your bank account and pays your money back if the bank cannot.

To find a bank account that has what you're looking for, visit the Bank Accounts section at Bankrate.com.

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