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.
The Federal Deposit Insurance Corporation (FDIC) was named as the receiver of Franklin Bank.
Marsh, CPA, CFA, an examination specialist with the Federal Deposit Insurance Corporation's (FDIC) division of supervision, agrees that workpapers can be voluminous and regulators don't want to spend their time looking through irrelevant material.
When the Federal Deposit Insurance Corporation Improvement Act (FDICIA) of 1991 was passed, many bankers denounced it as the epitome of regulatory burden, according to Richard Scott Carnell, assistant secretary of the treasury for financial institutions.
The Federal Reserve Board and the Federal Deposit Insurance Corporation announced on February 25, 2005, the execution of a joint written agreement by and among the Federal Reserve Bank of New York and the Federal Deposit Insurance Corporation with David Bodner and Murray Huberfeld.
Both the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) have developed new Internet sites that provide access to the agencies' programs as Well as information about individual financial institutions.
The guidance is being issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency and was published in the Federal Register.
Federal Deposit Insurance Corporation (FDIC) Chairman Ricki Heller said the legislation was good for both banks and depositors.
The guidance was issued 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.
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.
The FAQs are part of a larger effort by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development to promote the informed use of the 2004 data.
Unlike the Federal Reserve, the Federal Deposit Insurance Corporation has no centralized system to oversee the securities activities of bank subsidiaries, according to the GAO report.

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