FDIC stands for Federal Deposit Insurance Corporation. The purpose of this is to provide "Deposit Insurance" which guarantees the safety of cash deposited in its member banks, currently up to US $ 250,000 per depositor per bank. Currently FDIC insures deposits at more than 7500 institutions in the USA. This is to ensure that customers do not lose out their hard earned money in case of bank failures or bankruptcy
By preventing bank runs
The Federal Deposit Insurance Corporation, or FDIC. They ensure up to $250,000 per depositor per institution until the end of 2013. However, recently their reserves have fallen below mandated minimums set by congress because there have been so many bank failures. The FDIC is only required to have about 3.5% of total deposits available to insure losses, because it is highly unlikely that all banks in the country will go broke all at the same time.
The Federal Reserve provides deposit insurance and acts as a lender to commercial banks.
By preventing bank runs
They represent the corporation to the state and federal governments
Federal Deposit Insurance Corporation was created in 1933.
The Federal Deposit Insurance Corporation Improvement Act passed in 1991
Federal Deposit Insurance corporation
The initials are FDIC for federal deposit insurance corporation.
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bank deposit
Federal Deposit Insurance Corporation
It depends on if the bank is a member of the Federal Deposit Insurance Corporation or not. If you get a cashiers check from a bank that is insured by the Federal Deposit Insurance Corporation, then that check is insured.
Federal Deposit Insurance Corporation, FDIC
100,000
Federal Deposit Insurance Corporation
January 1st 1943