FDIC (Federal Deposit Insurance Corporation)
The federal agency that insures deposits at U.S. banks up to $250,000 per depositor.
Created in 1933 in response to bank failures during the Great Depression, the FDIC insures checking accounts, savings accounts, money market deposit accounts, and CDs. Coverage is $250,000 per depositor, per insured bank, per ownership category. Joint accounts get $250,000 per co-owner. The FDIC does not cover stocks, bonds, mutual funds, life insurance, annuities, or crypto, even if you bought them through a bank. Credit unions get equivalent coverage through the NCUA. Look for the FDIC sticker or check the agency’s BankFind tool.
Inside Finlo
A 60-second lesson that puts this term in context, alongside the others, lives inside the Finlo app.