Federal Deposit Insurance Corporation


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Federal Deposit Insurance Corporation (FDIC)

A federal institution that insures bank deposits.

Federal Deposit Insurance Corporation

A corporation owned by the United States government that insures bank deposits up to a certain level, so as to reduce pressure for bank panics. Created by the Glass-Steagal Act of 1933, the FDIC backs all bank deposits and some retirement accounts with the full faith and credit of the United States up to either $100,000 or $250,000, depending on the type of account. This amount may be changed by statute. A bank must purchase bank insurance from the FDIC in order to be eligible for this coverage. The FDIC helps maintain consumer confidence in banks and, by extension, the financial system.

Federal Deposit Insurance Corporation (FDIC)

The federal agency that insures deposits at commercial banks to a limit of $100,000 per depositor or combination of depositors at each insured bank. This insurance also applies to certificates of deposit sold through retail brokerage houses. The insurance fund is financed by a small fee paid by the banks based on the amount of their insured deposits.

Federal Deposit Insurance Corporation (FDIC).

The Federal Deposit Insurance Corportion (FDIC) insures deposits in banks and thrift institutions, assuring bank customers that their savings and checking accounts are safe.

Currently, the coverage limits are $100,000 per depositor per bank for individual, joint, and trust accounts, and $250,000 for self-directed retirement accounts. Business accounts are also insured up to $100,000.

You qualify for more than $100,000 coverage at a single bank, provided your assets are in these different types of accounts.

For example, you are insured for up to a total of $100,000 in all accounts registered in your own name and for another $100,000 representing your share of jointly held accounts. In addition, your individual retirement account (IRA) is insured up to $250,000 if the money is invested in bank products, such as certificates of deposit (CDs).

However, if you purchase mutual funds, annuities, or other investment products through your bank, those assets are not insured by the FDIC even if they carry the bank name.

The FDIC, which is an independent agency of the federal government, also regulates more than 5,000 state chartered banks that are not members of the Federal Reserve System.

Federal Deposit Insurance Corporation (FDIC)

An independent agency (www.fdic.gov) created by Congress in 1933. It supervises banks, insures deposits up to $100,000 per depositor per institution,and acts as a receiver and liquidator for failed banks.

References in periodicals archive ?
These and other important factors are detailed in various Federal Deposit Insurance Corporation filings made periodically by the Bank, copies of which are available from the Bank without charge.
The Federal Reserve Board on July 2, 2001, joined the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in a letter to the Securities and Exchange Commission (SEC) concerning the SEC's interim final rules to implement provisions of the Gramm-Leach-Bliley Act that provide specific exemptions from the broker and dealer definitions that permit banks to continue providing trust and fiduciary, as well as other specified traditional banking, products and services.
The members of the interagency task force are the Department of Housing and Urban Development, Department of Justice, Federal Deposit Insurance Corporation, Federal Housing Finance Board, Federal Reserve Board, Federal Trade Commission, National Credit Union Administration, Office of Federal Housing Enterprise Oversight, Office of the Comptroller of the Currency, and Office of Thrift Supervision.
Credit enhancement consists of deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) to each of the CDs and an interest reserve account.
The Federal Deposit Insurance Corporation has announced that it will consider the new proposal Friday.
The final rule, to be published in the Federal Register by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, identifies the types of agreements that are in fulfillment of the CRA and implements the requirements of the statute.
After the conversion, the Bank's deposits will continue to be insured by the Federal Deposit Insurance Corporation.
2) The insurance product or annuity is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States, the bank, or (if applicable) an affiliate of the bank; and
4 billion holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured by the Federal Deposit Insurance Corporation (FDIC).
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision jointly proposed on August 21, 2000, consumer protection rules for the sale of insurance products by depository institutions.
The shares of common stock to be issued in the merger are not savings accounts, may lose value and are not insured by the Federal Deposit Insurance Corporation or any government agency.

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