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 ?
'We do need to take this unfortunate step,' said Sheila Bair, Federal Deposit Insurance Corporation chairwoman.
Prosperity Bank, a subsidiary of Prosperity Bancshares, has announced its plans to acquire nearly USD3.7bn of deposits, including all uninsured deposits, from the Federal Deposit Insurance Corporation, acting in its capacity as receiver for Franklin Bank.
The four federal banking agencies (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) agreed on April 29, 2005, that additional analysis is needed before publishing a notice of proposed rulemaking (NPR) with respect to the U.S.
Insignia has also done work for government and non-profit agencies in Long Island such as Catholic Charities, the Federal Aviation Administration, and the Federal Deposit Insurance Corporation.
Federal Deposit Insurance Corporation (FDIC) Chairman Ricki Heller said the legislation was good for both banks and depositors.
The interim final rules are being issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
The Federal Deposit Insurance Corporation has revised its policy statement on independent external auditing programs for state-chartered banks that do not belong to the federal reserve system.
Other corporations which have relocated from New York to Newport Tower within the past year include First Chicago Trust Company, whose 1100-plus employees moved to Newport in August; cable television giant USA Networks; the Federal Deposit Insurance Corporation; international computer software and services company LEGENT (sic) Corporation; international cargo carrier Solar International Shipping Agency; and Bristar Commodities, Inc.
The Federal Financial Institutions Examination Council (FFIEC) Call Report agencies--the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC)--announced on June 30, 2005, the schedule for financial institutions to enroll in the Central Data Repository (CDR).
On January 6, 1991, the subsidiaries were declared insolvent and the Federal Deposit Insurance Corporation was appointed as receiver.
They will be bidding on 200 commercial real estate properties in 26 states being offered by the Federal Deposit Insurance Corporation (FDIC).
Participating in the outreach sessions was the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Office of Foreign Assets Control, and FinCEN.

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