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- Created in 1933, during The Great DepressionFDIC: About
- 1933: More than 4,000 banks failedFDIC: About
- 2008: 25 banks failed/closed by FDICFDIC: Failed Bank List
- 2009: 89 banks failed as of September 4FDIC: Failed Bank List
- Failed banks are closed on Friday, reopen Sunday under new ownershipSlate.com: Why do banks always fail on Fridays? (August 7, 2008)
- Guarantees at least $250,000 for bank accounts and $250,000 for retirement accountsOfficial Site: About the FDIC
- Does not secure stocks, bonds, hedge funds or other securitiesPalm Beach Daily News: Be aware of the limits to FDIC (September 6, 2008)
- Available funds fell to $18.9 billion in the fourth quarter of 2008Bloomberg.com: Bair Says Insurance Fund Could Be Insolvent This Year (March 5, 2009)
- Seeking line of credit from congressBloomberg.com: FDIC's Bair Seeks $100 Billion Credit Line, May Cut Banks Fee (March 6, 2009)
- If alternate funding approved, could result in a cut in bank fees for member banksBloomberg.com: FDIC's Bair Seeks $100 Billion Credit Line, May Cut Banks Fee (March 6, 2009)
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The Federal Deposit Insurance Corporation is the U.S. Government agency that insures funds at U.S. banks.FDIC: FAQ
In March 2009, Chairman Sheila Bair indicated that the FDIC could be facing insolvency within the year. In addition, the FDIC has announced new one-time emergency fees for member banks to increase the amount in the fund, while seeking a $100 billion credit line from congress.Bloomberg.com: FDIC's Bair Seeks $100 Billion Credit Line, May Cut Banks Fee (March 6, 2009)
Background
The FDIC was created in the wake of the stock market crash of 1929. In 1933 the corporation was set up to insure depositor's funds in member banks. Banks pay for the fund, which has never received an appropriation from congress in over 75 years. The initial insurance amount was set at $2,500 per depositor. The amount gradually increased with inflation until the most recent change, in 2008, to $250,000 per depositor. 1984 was the first year that the fund paid out more in claims than it took in with premiums from member banks. In 2009 the fund continued to struggle following the closing of 25 banks in 2008.Official Site: About the FDIC-
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FDIC on Amazon
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21st Century Guide to the FDIC - Federal Deposit Insurance Corporation - Insurance Funds and Assessments, Banking Industry, Individual Banks, Analytical, ... (Core Federal Information Series) - $25.00
This up-to-date and comprehensive CD-ROM provides extensive coverage of the important work of the Federal Deposit Insurance Corporation (FDIC). The Federal Deposit Insurance Corpor...Amazon
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Insurance for Dummies - $21.99
Now updated — your guide to getting the best insurance policy Are you intimidated by insurance? Have no fear — this easy-to-understand guide explains everything you need to...Amazon
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FDIC Questions
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Bail/Consolidate? Fail/FDIC? Which is better? 1 AnswerI think that it depends on the given situation. I think that in the future the consolidation that has gone on in the past needs to stop. The mergers have prov... read more -
What happens when a bank is seized by the FDIC? 1 AnswerFriday afternoon FDIC field team takes control of the bank. Because of the boom in business, they just opened up a field office in southern California (Irvine)... read more -
FDIC problem bank list, where can I find it? 2 Answershttp://www.davemanuel.com/images/fdic_problem_bank_list.jpg In just three months, the number of problem banks has gone up from 117 to 171, an increase of 46%! B... read more -
Should I be worried about money in a savings account that is FDIC insured? 6 AnswersThe simple answer to your question is that you should not worry about your money being safe as long as the total amount does not exceed $100,000. If you are fo... read more
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On Twitter Powered by Twitter
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BPC: Advantage, Signature banks under FDIC agreements - Northern Colorado Business Report http://bit.ly/5jjwxT
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Advantage, Signature banks under FDIC agreements: Construction and land development and commercial real estate .. http://bit.ly/7q1y17
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Advantage, Signature banks under FDIC agreements: Construction and land development and commercial real estate loan... http://bit.ly/7j3uRH
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Advantage, Signature banks under FDIC agreements: Construction and land development and commercial real estate loan... http://bit.ly/7mfyrD
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Southport enters agreement with FDIC http://twurl.nl/g7htzc
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