Bank Forward Blog
Tuesday March 14 2023
FDIC: What to know
You have probably seen the FDIC sign at your local teller window, noticed the logo on various marketing items, including our website, or heard a Bank Forward radio ad close with “member FDIC.” Do you have questions about the FDIC?
FDIC stands for Federal Deposit Insurance Corporation. Their website, www.fdic.org, explains that the FDIC is “an independent agency of the United States government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.”
The FDIC was created in 1933 in response to the thousands of bank failures during the Great Depression. Since the start of FDIC insurance in 1934, nobody has lost a dime of FDIC-insured deposits up to $250,000.
FDIC deposit insurance protects bank customers in the event an FDIC-insured depository institution falls. Bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank. Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category.
Still have FDIC questions? Here are some additional resources:
Understanding Deposit Insurance
As always, we are here for you. Have questions or concerns, or wondering if you need additional insurance coverage? We are ready to assist you. Contact your local branch today!Back to All Latest Blogs