FDIC

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. Funds in non-interest bearing transaction accounts are fully insured, with no limit, under the temporary Transaction Account Guarantee Program. However, not all banks are participating in the TLGP/TAGP. On January 1, 2010, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner. Insured deposits are backed by the full faith and credit of the United States. The vast number of bank failures caused by runs on the bank in the Great Depression spurred the United States Congress to create an institution to guarantee deposits held by commercial banks, inspired by the Commonwealth of Massachusetts and its Depositors Insurance Fund (DIF). The FDIC insures accounts at different banks separately. For example, a person with accounts at two separate banks (not merely branches of the same bank) can keep
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Articles

  • New Frontier Bank fined $70,000 by FDIC

    St. Louis Post-Dispatch 1 week ago
    The Federal Deposit Insurance Corp. fined New Frontier Bank in St. Charles $70,000 for violating a federal consumer disclosure and anti-kickback act. The FDIC disclosed the fine Friday, but the bank was ordered to pay the fine in May ...
  • US regulators close small bank in Oklahoma

    The Associated Press 1 week ago
    WASHINGTON (AP) — Regulators have closed a lender in Oklahoma, bringing U.S. bank failures this year to 12 after 24 closures in all of 2013. The Federal Deposit Insurance Corp. said Friday that it has taken over Freedom State Bank ...
  • The Freedom State Bank closed by bank commissioner

    The Associated Press 2 weeks ago
    FREEDOM, Okla. (AP) — Oklahoma banking commissioner Mick Thompson has closed The Freedom State Bank in Freedom. The state banking department says the bank was closed at 4 p.m. Friday due to exhaustion of capital funds and that the Federal ...
  • Banking regulators ease scrutiny of Las Vegas lender

    Las Vegas Sun 2 weeks ago
    U.S. banking regulators have eased their scrutiny of a Las Vegas lender that was bleeding millions of dollars during the recession but is now profitable again. The Federal Deposit Insurance Corp. disclosed today that it terminated a four-year-old consent ...
  • Choosing to be unbanked

    McClatchy and Tribune Newspapers 2 weeks ago
    Access to a bank account is a liberty enjoyed by many Americans. People can freely choose whether to allocate the money necessary to have an account. If they don't want to pay _ or cannot pay _ the going ...
  • Valley Bank branches shut down by FDIC

    Ames Tribune, Iowa 2 weeks ago
    Valley Bank was shut down on Friday by financial regulators and has now reopened as Great Southern Bank. Valley, which was based in Moline, Ill., was shut down by the Illinois Department of Financial &Professional Regulation -- Division of Banking after ...

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