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 ?
Because the winning bidder is a member of the CDARS network, the city is able to deposit the entire amount with full FDIC insurance coverage through that bank.
The issue was serious and the hour was growing late: If Congress had not extended unlimited FDIC insurance on these accounts for two more years, lawyers and their clients faced complicated ethical and financial questions about handling money involved in legal transactions," said Zack.
They were only getting 11 basis points, and we offer much more with daily liquidity and FDIC insurance.
31, 2012 (which provided an unlimited FDIC insurance for non-interest bearing deposits), this pool increased its allocations to both programs to nearly 13% of its portfolio in December 2012 from just under 3% a year ago.
Regulations allow federal payments, such as tax refunds and Social Security payments, to be directly deposited into a prepaid paid card account only if the card is set up to meet the requirements for FDIC insurance coverage.
6 trillion in corporate cash moved to banks after a temporary emergency government provision - known as the Transaction Account Guarantee (TAG) program - was implemented providing unlimited FDIC insurance for non-interest bearing bank accounts.
Florida Bar ethics rules do not require lawyers to split up client or third-party trust deposits among multiple banks to obtain full FDIC insurance coverage.
Descriptions of how institutions currently identify FDIC insurance fees
Money deposited on Bluebird cards will not carry FDIC insurance, according to an executive with American Express.
gov to find out if your money is covered by FDIC insurance at the bank you are thinking about using.
Our assumption of all Unity National deposits, even those in excess of the FDIC insurance limits, reflects our long-term commitment to establishing and growing our customer base in the north Georgia market.
The level of FDIC insurance reserves as a percentage of insured deposits has dropped in recent years to the present ratio of 0.