Business, Legal & Accounting Glossary
Federal Deposit Insurance Corporation. A federal agency that insures deposits in member banks and thrifts up to $100,000.
A federal agency that insures deposits in member banks and thrifts up to $100,000. In 2008, a temporary increase was made to raise the level to $250,000, in response to the financial crisis at that time, and this increase expires at the end of 2009 (with the exception of some retirement accounts). The idea for the FDIC dates back to the Great Depression, a time when many individuals did not have trust that their money would be safe in the banking institutions, and the agency was founded in 1933.
The FDIC, or Federal Deposit Insurance Corporation, is an independent agency of the US federal government created to preserve and promote public confidence in the US banking system.
The FDIC was created by Congress in 1933 as part of the Glass-Steagall Act. The primary activity of the FDIC is to insure deposits against loss due to bank insolvency. The FDIC insures certain types of account including checking accounts, savings accounts, and certificates of deposit, up to a total of $100,000 per depositor, and accounts held jointly as well as retirement accounts, can also separately be insured up to $100,000 by the FDIC. Because the sister institution created along with the FDIC, the FSLIC (Federal Savings and Loan Insurance Corporation), failed when a large number of Savings and Loans failed in the late 1980s and early 1990s, the FDIC now insures S&Ls, too. Critics of the FDIC suggest that today the FDIC could similarly fail if confronted with the insolvency of one “too big to fail” bank, which might result in a government bailout akin to the S&L bailout.
Commerce Bank has hundreds of branches and ATMs nationwide and is FDIC insured so your money is guaranteed to be safe.
The FDIC insured Jose’s bank account so that when Jonny stole his identity, all the money Jonny stole as well was reimbursed.
My whole life was put into that savings account, thankfully FDIC protected my money when the hurricane hit the bank and flooded our hometown.
The Federal Deposit Insurance Corporation provided a reasonable amount of assurance that the funds could not be lost in any way.
The Federal Deposit Insurance Corporation had done an admirable job of keeping in check people’s fears over bank losses affecting their own savings.
Those sketchy card loading services on the Internet promising 5% interest on savings might eat you with fees, but they are FDIC (Federal Deposit Insurance Corporation) insured.
Federal Deposit Insurance Corporation
International Banking Act of 1978
Certificate of Deposit
net worth certificate
IDC deposits
money market fund
Federal Savings and Loan Insurance Corporation (FSLIC)
deposit insurance
Bank Investment Contract
International Banking Facility (IBF)
insured financial institution
Federal Deposit Insurance Corporation Improvement Act (FDICIA)
modified payoff
Federal Savings and Loan Insurance Corporation (FSLIC)
deposit insurance
Electronic Funds Transfer Act
Federal Financial Institutions Examination Council (FFIEC)
core capital
net worth certificate
National Bank
comptroller of the currency
bank insurance
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This glossary post was last updated: 31st October, 2021 | 0 Views.