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Federal Deposit Insurance Corporation (FDIC)
A US government agency that protects depositors by providing deposit insurance to banks and other financial institutions.
More Details
The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. government agency that provides insurance for deposits in banks and savings institutions. The FDIC is backed by the full faith and credit of the U.S. government, which means that it has the resources of the federal government behind it to pay insured depositors in the event that an insured bank fails.
Example
Your previous bank failed and closed its doors—but you received $250,000 back, because your money was insured by the FDIC.
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