FDIC

(noun)

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation operating as an independent agency that provides deposit insurance, which guarantees the safety of deposits in member banks, up to $250,000 per depositor per bank.

Examples of FDIC in the following topics:

  • The Federal Deposit Insurance Corporation (FDIC)

    • As of April 16, 2012, the members of the Board of Directors of the FDIC are Martin J.
    • The FDIC promotes public confidence in the United States financial system by insuring depositors for at least $250,000 per insured bank.
    • Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.
    • The FDIC insures more than $7 trillion of deposits in U.S. banks and thrifts—deposits in virtually every bank and thrift in the country .
    • The FDIC Improvement Act of 1991 limits regulators' discretion as to when to close troubled financial institutions (FIs).

  • The Savings Association Insurance Fund (SAIF)

    • Between 1989 and 2006, there were two separate FDIC funds–Bank Insurance Fund (BIF), and Savings Association Insurance Fund (SAIF).
    • Between 1989 and 2006, there were two separate FDIC funds—the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF).
    • The FDIC maintains the DIF by assessing depository institutions an insurance premium.
    • Typically, bank failures represent a cost to the DIF because the FDIC, as receiver of the failed institution, must liquidate assets that have declined substantially in value while, at the same time, making good on the institution's deposit obligations.
    • Between 1989 and 2006, there were two separate FDIC funds—the Bank Insurance Fund (BIF), and the Savings Association Insurance Fund (SAIF).

  • The National Credit Union Administration (NCUA)

    • As the insurer and regulator of federally chartered credit unions, the NCUA oversees credit union safety and soundness, much like the FDIC.

  • Commercial Banks

  • Online Direct Banks

    • Based in Atlanta, it was the first direct bank to be insured by the Federal Deposit Insurance Corporation (FDIC).

  • Personal Financial Management

    • Reynolds, Chief of the FDIC's Community Affairs Outreach Section.
    • "You should probably also keep your emergency money in a deposit account, where your funds are protected by federal deposit insurance, as opposed to stocks or stock or bond mutual funds that can lose value in a volatile market," said Mary Bass, an FDIC Senior Community Affairs Specialist.