What is FDIC Insurance?
FDIC insurance refers to the protection provided by the Federal Deposit Insurance Corporation (FDIC) to depositors in eligible banks and savings institutions in the United States. It is a federal government program established to safeguard depositors’ funds and promote stability in the banking system. FDIC insurance provides peace of mind to depositors by safeguarding their funds and helping maintain confidence in the stability and integrity of the U.S. banking system.
Geeky Takeaways:
- DIC insurance covers deposits up to a certain limit per depositor, per bank.
- FDIC insurance covers various types of deposit accounts held at FDIC-insured banks and savings institutions, including individual accounts, joint accounts, certain retirement accounts (such as IRAs and Keoghs), etc.
- Certain types of financial products and accounts are not covered by FDIC insurance. These include investments such as stocks, bonds, mutual funds, annuities, and securities held in brokerage accounts.
Table of Content
- Why FDIC was Created?
- Covered & Non-covered Financial Products in FDIC Insurance
- How to Check that All Money in Your Accounts is Insured?
- What Happens When a Bank Fails?
- FDIC Insurance Limits and Ownership Categories
- Examples of FDIC Insurance Limits and Coverage
- Advantages of FDIC Insured Accounts
- Disadvantages of FDIC Insured Accounts
- FDIC Insurance – FAQs
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