I. Introduction United States government agency that was created in 1933 in response to the banking crisis of the Great Depression. The purpose is to provide deposit insurance to protect depositors in the event that a bank or savings institution fails. Also works to promote consumer protection and maintain stability in the banking system. In this article, we will discuss in more detail and answer some common questions about deposit insurance coverage. II. What is the FDIC? The Federal Deposit Insurance Corporation (FDIC) is responsible for insuring deposits at banks and savings institutions that are members of the FDIC. This means that if a bank or savings institution fails, will reimburse depositors up to a certain amount per account, typically $250,000 per depositor, per insured bank or savings institution. This deposit insurance helps protect consumers from losing their savings if a bank fails. In addition to deposit insurance, also works to maintain stability in the banking system. The agency monitors banks and savings institutions for signs of financial distress and takes action when necessary to prevent bank failures. Also provides resources and support to help banks and savings institutions manage risks and maintain sound financial practices. III. What does FDIC … Continue reading How the FDIC Protects Your Money: A Guide to Deposit Insurance