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FDIC - 10 things to know with detail

• The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that provides deposit insurance to depositors in U.S. commercial banks and savings institutions.
• The FDIC was created in 1933 in response to the thousands of bank failures that occurred during the Great Depression. Its primary purpose is to maintain public confidence in the banking system by insuring deposits up to a certain limit.
• The current deposit insurance limit is $250,000 per depositor, per insured bank. This means that if a bank fails, the FDIC will cover losses up to $250,000 for each depositor's accounts at that bank.
• The FDIC is funded by premiums paid by insured banks and thrift institutions. These premiums are based on the amount of deposits held by each institution, with higher-risk institutions paying higher premiums.
• In addition to providing deposit insurance, the FDIC also regulates and supervises certain financial institutions to ensure they operate in a safe and sound manner.
• The FDIC also acts as a receiver for failed banks, taking over the bank's assets and liabilities and working to sell off the assets and resolve the bank's debts. Depositors are typically paid back through the sale of the bank's assets.
• The FDIC's insurance coverage extends to various types of deposit accounts, including savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs).
• The FDIC does not insure investments such as stocks, bonds, mutual funds, or annuities. It also does not insure safe deposit boxes or contents, or losses due to fraud or theft.
• The FDIC has a toll-free hotline (1-877-275-3342) and a website where depositors can check if their bank is insured and get information on deposit insurance coverage.
• The FDIC has helped to maintain stability in the U.S. banking system by providing a safety net for depositors and promoting confidence in the financial system. Its work is crucial in protecting the savings of millions of Americans.