FDIC insurance helps you to protect your money deposit in a bank if your bank fails. However there are some coverage limits.
Sometimes a bank fails, a customer amount is saved as long as bank is federally insured. A bank that federally insured is backed by the Federal Deposit Insurance Corp. Credit unions offer protection and through the National Credit Union Administration. The FDIC insures upto $250000 per depositor per institution. FDIC insurance starts only if a bank fails.
Having FDIC insurance means your money upto a certain limit is safe if your bank fails.The FDIC was established in 1933 in response to the many bank failures. Its sole purpose is to grow public confidence in the banking system by insuring consumer deposit. In 2020 Ericson State Bank, The First State Bank has failed.Since the creation of FDIC no single penny of insure deposit has been lost.
FDIC is not free. It has some cost. But bank customer do not pay a monthly fee nor from your tax money. The bank pays the premiums.
The FDIC insurance covers up to $250000 per depositor per institution and per ownership category. FDIC insurance cover the following deposit accounts and other official itmes
FDIC insurance does not cover following
US bonds, notes and Treasury bills are covered by full faith and credit of the federal government.
It means who owns the account.
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