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.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Flat-rate car towing as needed

Goodyear has introduced a roadside assistance program where you pay a flat rate whenever you need a tow with no annual fee.  ... Read more


Connect with us