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No doubt you've seen an "FDIC-insured" or "Member FDIC" sign on the wall of a bank or at the bottom of a bank website homepage. Almost all banks, including online banks, are insured by the Federal Deposit Insurance Corporation (FDIC).
The FDIC is an independent government agency that insures money people deposit at a bank. If the bank fails, the FDIC repays up to $250,000 per person, per ownership category at each FDIC-insured bank.
The FDIC was created in 1933 in response to the turmoil of the 1929 stock market crash. Following the crash, people rushed to withdraw their money from banks. As a result of these bank runs, as many as 9,000 banks failed and $7 billion dollars in deposits were lost, wiping out the life savings of millions of Americans.
President Franklin D. Roosevelt signed the Banking Act of 1933, establishing the FDIC to restore trust in the US banking system. The FDIC reports that since then, no one has lost any FDIC-insured money due to a bank failure.
#fdic #bank #money #crash
No doubt you've seen an "FDIC-insured" or "Member FDIC" sign on the wall of a bank or at the bottom of a bank website homepage. Almost all banks, including online banks, are insured by the Federal Deposit Insurance Corporation (FDIC).
The FDIC is an independent government agency that insures money people deposit at a bank. If the bank fails, the FDIC repays up to $250,000 per person, per ownership category at each FDIC-insured bank.
The FDIC was created in 1933 in response to the turmoil of the 1929 stock market crash. Following the crash, people rushed to withdraw their money from banks. As a result of these bank runs, as many as 9,000 banks failed and $7 billion dollars in deposits were lost, wiping out the life savings of millions of Americans.
President Franklin D. Roosevelt signed the Banking Act of 1933, establishing the FDIC to restore trust in the US banking system. The FDIC reports that since then, no one has lost any FDIC-insured money due to a bank failure.
#fdic #bank #money #crash
2 months ago
