FDIC Resource Center
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is a United States government agency that was established in 1933. After many banks failed during the Great Depression, Congress passed the Glass-Steagall Act which created the FDIC. The FDIC provides insurance on depositors' funds held at financial institutions.
What is the purpose of FDIC deposit insurance?
If a financial institution fails, the FDIC guarantees that “deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.”1
For more information on FDIC coverage, check out the following resources:
To speak with a deposit insurance specialist at the FDIC, call 877-ASK-FDIC (275-3342).
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1The FDIC Website