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Federal Deposit Insurance Corporation (FDIC)

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the federal government, created by the Banking Act of 1933. The FDIC’s mission is to maintain stability and public confidence in the nation’s financial system through 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. As of 2008, deposit accounts (e.g., savings, checking, certificate of deposit) are insured up to $250,000 per depositor, per insured bank for each account ownership category. This is ...

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