What is the meaning of Federal Deposit Insurance Corporation (FDIC)?

Established by the federal government in 1933 after the bank failures of the Great Depression, the FDIC guarantees deposits in member banks and thrift institutions for up $100, 000 per depositor per bank. If the bank fails, the government will make good on your money up to the established limits. You can actually qualify for more than $100, 000 coverage at a single bank, however, provided your assets are in different types of accounts. For example, you could be insured for $100, 000 in anaccount registered in your own name, $100, 000 in your individual retirement account (IRA), and another $100, 000 representing your share of jointly held accounts.