Federal Deposit Insurance Corporation

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Federal Deposit Insurance Corporation (FDIC)

A federal institution that insures bank deposits.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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