What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence
in the U.S. financial system by insuring deposits in banks and thrift institutions
for at least $250,000; by identifying, monitoring and addressing risks to the deposit
insurance funds; and by limiting the effect on the economy and the financial system
when a bank or thrift institution fails.
An independent agency of the federal government, the FDIC was created in 1933 in
response to the thousands of bank failures that occurred in the 1920s and early
1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost
a single cent of insured funds as a result of a failure. For more information, visit:
Who is the FDIC?