Federal Deposit Insurance Corporation (fdic)


Definition of "Federal deposit insurance corporation (fdic)"

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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