The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government that protects deposits made to FDIC-insured banks or savings associations. The FDIC was created in 1933 to restore public confidence in the U.S. banking system after the Great Depression.<\/p>\n
FDIC insurance covers all deposits made to any FDIC-insured bank or savings association up to an amount of $250,000 per depositor. This means that if an FDIC-insured bank or savings association fails, individuals with covered deposits do not lose any of their funds, as the FDIC will be able to guarantee the full amount of their deposits.<\/p>\n
This provides a peace of mind to depositors, as they can rest assured that their money is protected and backed by the full faith and credit of the U.S. government.<\/p>\n
Although deposits over $250,000 are not automatically covered by FDIC insurance, there are ways to ensure that these deposits are still protected. For individuals who have more than $250,000 in a single bank or savings association, they can take advantage of FDIC deposit insurance coverage for these deposits by setting up multiple accounts, each with a less-than-$250,000 balance.<\/p>\n
Additionally, banks and savings associations that are members of the FDIC are required to disclose in their deposit account agreements the type and amount of FDIC insurance coverage that is applicable to each account, providing individuals the ability to review and understand what their deposits are covered for. <\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government that protects deposits made to FDIC-insured banks or savings associations. The FDIC was created in 1933 to restore public confidence in the U.S. banking system after the Great Depression. Benefits of FDIC Insurance FDIC insurance covers all deposits made to any […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1878","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n