Deposits are insured by the federal deposit insurance corporation up to $250,000 per depositor
What is federal deposit insurance corporation?
The Federal Deposit Insurance Corporation (FDIC) is a government organization established in 1933, at the height of the Great Depression, to provide bank depositors with protection and to uphold public confidence in the nation's banking system.
Deposits are insured by the FDIC, which also oversees receiverships, makes huge and complicated financial institutions resolvable, and inspects and supervises financial institutions for safety, soundness, and consumer protection. The FDIC has been successful in preserving public trust in the banking system by practically every metric. Large-scale cash demands made by apprehensive depositors were frequently the end of banks that may have survived before the FDIC was created.
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