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Fdic |
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The Federal Deposit Insurance Corporation (FDIC) is a U.S. Government agency that was created by an act of Congress known as the Glass-Steagall Act of 1933.
Created in 1933 as a way to convince people that it was safe to keep their money in banks after the failure of so many during th early years of the Great Depression, the FDIC insures each depositor's account up to the maximum permitted by law which is currently $100,000 for checking accounts, NOW accounts, regular savings accounts, money market accounts, and certificates of deposits. A special provision of the law allows retirement accounts to be insured for up to $250,000.
The FDIC does not insure stocks and bond accounts, mutual funds, money market funds (different than money market accounts), annuity accounts or the contents of safe deposit boxes.
The FDIC administers their program through two funds. The Bank Insurance Fund (BIF) covers deposits made at regular banks, and the Savings Association Insurance Fund (SAIF) covers deposits made at Savings and Loan institutions.
The FDIC is managed by an appointed Board of Directors and Senior Executives. The Chairman of The FDIC Board is appointed for a 5 year period.
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Credit Card Definitions > F - M > Fdic
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