FDIC
Government & Politics abbreviation · US Federal Agency
| Stands for | Federal Deposit Insurance Corporation |
|---|---|
| Categories | Government & Politics |
FDIC stands for Federal Deposit Insurance Corporation, a US federal agency abbreviation.
Insures deposits at US banks up to $250,000 per depositor, per insured bank, per ownership category, and supervises many state-chartered banks. When an insured bank fails, the independent agency takes it over and either sells it or pays depositors directly.
Example: Your checking account is FDIC-insured up to $250,000 at this bank.
Usage notes
Founded under the Banking Act of 1933 after thousands of bank failures, it reports that no depositor has lost a penny of insured funds since coverage began in 1934. The $250,000 limit was made permanent in 2010. Credit union accounts are protected by a separate insurer, the NCUA.
Related abbreviations
More US federal agency abbreviations
- ERS – Economic Research Service
- EXIM – Export-Import Bank of the United States
- FAA – Federal Aviation Administration
- FBI – Federal Bureau of Investigation
- FCC – Federal Communications Commission
- FDA – U.S. Food and Drug Administration
- FEC – Federal Election Commission
- Fed – Federal Reserve
- FEMA – Federal Emergency Management Agency
- FERC – Federal Energy Regulatory Commission
- FHA – Federal Housing Administration
- FHFA – Federal Housing Finance Agency