The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. FDIC deposit insurance covers up to $250,000 per depositor, per FDIC-insured bank, for each account ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".
- Country
- United States
- Headquarters
- Washington, D.C.
- Inception
- June 16, 1933
- Website
- http://www.fdic.gov, https://www.fdic.gov/, https://www.fdic.gov/espanol/
