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The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. government agency that provides deposit insurance to depositors in the event that an insured bank or savings institution fails. The FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Its goal is to promote stability and public confidence in the nation's banking system. The FDIC insures deposits at banks and savings institutions up to $250,000 per depositor, per insured bank, for each account ownership category. This means that if an FDIC-insured bank fails, depositors are protected up to $250,000. The FDIC also has the authority to take over failed banks and sell their assets to other financial institutions, in order to protect depositors and minimize disruption to the banking system.

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Damian Mussa

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1y ago
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7y ago

If a bank fails financially, it insures that people that had money in the bank do not lose their money.

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Q: What is the responsibility of the federal deposit insurance corporation?
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Related questions

When was Federal Deposit Insurance Corporation created?

Federal Deposit Insurance Corporation was created in 1933.


When did the Federal Deposit Insurance Corporation Improvement Act pass?

The Federal Deposit Insurance Corporation Improvement Act passed in 1991


What is a government owned corporation?

Federal Deposit Insurance corporation


What is the abbreviation for the Bank Insurance Corporation?

The initials are FDIC for federal deposit insurance corporation.


How much money can you deposit in the federal deposit insurance corporation?

None


What did the Federal Deposit Insurance Corporation (FDIC) insure?

bank deposit


Which of the following items is not a major component of Social Security?

Federal Deposit Insurance Corporation (FDIC)Federal Deposit Insurance Corporation (FDIC)Federal Deposit Insurance Corporation (FDIC)Civilian Conservation Corps (CCC) FOE DA PEX!Apex also accepts Federal Emergency Relief Administration (FERA) :)


What dos FDIC stand for?

Federal Deposit Insurance Corporation


Is a cashiers check insured by the fdic?

It depends on if the bank is a member of the Federal Deposit Insurance Corporation or not. If you get a cashiers check from a bank that is insured by the Federal Deposit Insurance Corporation, then that check is insured.


What federal corporation that insures money deposited in member banks called?

Federal Deposit Insurance Corporation, FDIC


The federal deposit insurance corporation insures bank deposits up to how per deposit?

100,000


What does FDIC stand for in US history?

Federal Deposit Insurance Corporation