Federal Deposit Insurance Corporation (FDIC)

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the federal government. It was created by the Banking Act of 1933 to restore the public's confidence in banks after the numerous bank failures of the 1920s and early 1930s. The FDIC's mission is to maintain stability and the public's confidence in the nation's financial system. The FDIC has three main responsibilities: (1) to insure deposits, (2) to examine and supervise financial institutions, and (3) to manage receiverships for failed banks.

Virtually all the deposits in every bank and thrift in the United States are insured by the FDIC. If an insured banking institution fails, it is the FDIC's responsibility to ensure that customers have access to their insured deposits. Savings, checking, certificate of deposit, ...