Q:

What does the FDIC do?

A:

Quick Answer

The Federal Deposit Insurance Corporation insures deposits that are made to bank accounts and thrift institutions. The FDIC insures up to $250,000 per depositor, per bank account. The FDIC was created as an independent agency of the federal government in 1933.

Continue Reading

Full Answer

The FDIC is focused on ensuring that the public has confidence in the banking and financial systems of the United States. By insuring the deposits of a consumer, the FDIC minimizes the risk to a depositor should the bank or thrift institution fail. The FDIC also warns consumers of possible bank scams, with the goal of ensuring that a depositor's financial information is not used fraudulently.

Learn more about Banks
Sources:

Related Questions

Explore