Federal Deposit Insurance Corporation (FDIC)
The U.S. corporation insuring deposits in the U.S. against bank failure. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices. Investopedia Says:
The FDIC will insure deposits of up to US$100,000 per institution as long as the bank is a member firm.
Before opening an account with a financial institution, be sure to check that it is FDIC insured. Related Terms:
Bank
Bank Run
Broke The Buck
Emergency Banking Act Of 1933
Niche Bank
Nonbank Bank |