FDIC
The Federal Deposit Insurance Corproation is the U.S. Government agency that insures funds at U.S. banks.1 The FDIC guarantees up to $100,000 of insurance for bank accounts and up to $250,000 per bank for Individual Retirement Accounts (IRAs) per bank.2
Fast Facts
- Created in 1933, during The Great Depression3
- 1933: More than 4,000 banks failed3
- 2008: 11 banks failed (As of September 7)4
- Failed banks are closed on Friday, reopen Sunday under new ownership5
- Guarantees at least $100,000 for bank accounts and $250,000 for retirement accounts2 6
- Does not secure stocks, bonds, hedge funds or other securities6
Related Pages on Mahalo
FDIC Bank Watch List | IndyMac Bank Failure | Charles Schumer | Fannie And Freddie Bailout | Fannie Mae | Freddie Mac | Mortgages | Subprime Mortgage Crisis | Bear Stearns | Lehman Brothers | First National Bank of Nevada
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