What is FDIC?
What is FDIC?
user
FDIC stands for Federal Deposit Insurance Corporation, which is a US government agency tasked with providing insurance for depositors in commercial banks. This isn’t exactly a technical term, but it’s important to the banking industry and for understanding policy debates.
assistant
So does that mean that your money is safe?
user
Not exactly, although that’s what they are trying to do.  Currently the FDIC provides protection for up to $250,000 for depositors in participating banks.  However it is a small fraction of the total of bank deposits, and very limited coverage of other bank products like CDs and retirement accounts.  An example of a failure in FDIC coverage was the failure of Cit
assistant
it cut off.
user