Banking and Finance

The Federal Deposit Insurance Corporation (FDIC) is a government agency that was established in 1933 to provide insurance for bank deposits. The purpose of FDIC insurance is to protect depositors if their bank fails or goes bankrupt. FDIC insurance covers all types of deposits, including checking accounts, savings accounts, money market accounts, and certificates of deposit. The coverage limit for FDIC insurance is $250,000 per depositor per insured bank. This means that if you have multiple accounts at the same bank, your total coverage limit is still $250,000. If you have accounts at different banks, each account will be insured up to $250,000. It's important to note that not all banks are FDIC-insured. To ensure that your deposits are protected by FDIC insurance, look for the official FDIC logo on the bank's website or in their branch locations. Coverage of FDIC insurance FDIC insurance provides peace of mind to depositors by protecting their funds in case of a bank failure.