Federal Deposit Insurance Corporation


FDIC. A federal agency that insures deposits in member banks and thrifts up to $100,000. In 2008, a temporary increase was made to raise the level to $250,000, in response to the financial crisis at that time, and this increase expires at the end of 2009 (with the exception of some retirement accounts). The idea for the FDIC dates back to the Great Depression, a time when many individuals did not have trust that their money would be safe in the banking institutions, and the agency was founded in 1933.

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The Federal Deposit Insurance Corporation provided a reasonable amount of assurance that the funds could not be lost in any way.

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The Federal Deposit Insurance Corporation had done an admirable job of keeping in check peoples fears over bank losses affecting their own savings.

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Those sketchy card loading services on the Internet promising 5% interest on savings might eat you with fees, but they are FDIC (Federal Deposit Insurance Corporation) insured.

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modified payoff Electronic Funds Transfer Act