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FDIC stands for Federal Deposit Insurance Corporation. The purpose of this is to provide "Deposit Insurance" which guarantees the safety of cash deposited in its member banks, currently up to US $ 250,000 per depositor per bank. Currently FDIC insures deposits at more than 7500 institutions in the USA. This is to ensure that customers do not lose out their hard earned money in case of bank failures or bankruptcy.
Lou Altenwerth
Wiki User
∙ 9y agoThe Federal Deposit Insurance Corporation or the FDIC mainly protects the depositors funds in case their banks go out of business. It was established to promote public confidence in the nation's banking system.
Wiki User
∙ 13y agoFDIC stands for Federal Deposit Insurance Corporation. The purpose of this is to provide "Deposit Insurance" which guarantees the safety of cash deposited in its member banks, currently up to US $ 250,000 per depositor per bank. Currently FDIC insures deposits at more than 7500 institutions in the USA. This is to ensure that customers do not lose out their hard earned money in case of bank failures or bankruptcy.
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What did the fdic do?
The FDIC was created during the financial chaos of the Great Depression. The stock market crash in October of 1929, and the subsequent crash in March of 1933, prompted the U.S. Government to create a federally-backed corporation that would provide stability and reassurance to the public. And on January 1, 1934, the FDIC was created. http://www.savewealth.com/banking/fdic/ Hopes it helps! ^^
What did the Glass-Steagall Act create?
It banned commercial banks from involvement in buying and selling stocks, and set up the FDIC.
What effect did the FDIC have on America?
The FDIC made it possible for the American Public to have trust that they wouldn't lose there money if it was deposited in the bank and there was a recession or a stock market crash. The money in the bank accounts they have are insured by the United States Federal Government for up to $100,000.00 per account. That made it possible for the banks to make loans from the money that depositors had in the bank, instead of keeping money on hand and allowed America to grow and create new business'.
What does the term Glass Steagall Act mean?
The Glass Steagall Act was an act passed by Congress in 1933. The act was passed to restore confidence in the banking industry. The most important provision of the act was the institution of the FDIC.
What is the purpose if the natural rights?
what is the purpose of the declaration of natural rights
What was the specific purpose of the FDIC?
Regulation's , Related Act's .
What was the FDIC's purpose?
The purpose was to give money to the bank. It also had the purpose of getting people to put money on other banks that were more popular.
What statement best explains the purpose of the FDIC?
to ensure that banks do not fail during an economic crisis
Purpose of the FDIC?
FDIC stands for Federal Deposit Insurance Corporation. The purpose of this is to provide "Deposit Insurance" which guarantees the safety of cash deposited in its member banks, currently up to US $ 250,000 per depositor per bank. Currently FDIC insures deposits at more than 7500 institutions in the USA. This is to ensure that customers do not lose out their hard earned money in case of bank failures or bankruptcy.
What Is FDIC purpose?
A body set up by bankers to make bankers more money. To allow such people to pretend they are there to help their customers.
Which statement best explains the purpose of the Federal Deposit Insurance Commission (FDIC)?
to ensure that banks do not fail during an economic crisis
What describes the purpose of the Federal Deposit Insurance Corporation FDIC?
To make sure customers don't lose money if their bank fails.
Was fdic successful?
Yes. The FDIC is successful. FDIC stands for Federal Deposit Insurance Corporation. The purpose of this is to provide "Deposit Insurance" which guarantees the safety of cash deposited in its member banks, currently up to US $ 250,000 per depositor per bank. Currently FDIC insures deposits at more than 7500 institutions in the USA. This is to ensure that customers do not lose out their hard earned money in case of bank failures or bankruptcy
What was the purpose of the FDIC established under the federal reserve act in 1933?
To insure who ever deposites money in to a checking or any kinda account that up to so much money the bank will cover and replace if any thing like the Black Tuseday when the Dow Jones Stock Markets crashed.
Is Flagstar bank FDIC insured?
Flagstar bank is a member of the FDIC and deposits are FDIC insured up to $250000 per account.
How did the FDIC start 1929?
The FDIC started in 1929 as a result of the depression
Who owns the FDIC?
The FDIC is a government-owned corporation, which means everybody does :)
