Federal Deposit Insurance Corporation (fdic)

Definition of "Federal deposit insurance corporation (fdic)"

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Agency formed as the result of bank failures in the 1930s to insure the deposits of customers of member banks. The FDIC, an agency of the federal government, is self-supporting in that it receives fees from the member banks at the rate of .5% of the bank's deposits and the income from reserves that have been invested. Each account is insured up to $100,000.

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