USA HISTORY

Detailed explanation-1: -Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank-it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250, 000 per depositor, per insured bank, for each account ownership category.

Detailed explanation-2: -FDIC insurance covers traditional deposit accounts, and depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution.

Detailed explanation-3: -Not all institutions are insured by the FDIC. Eligible bank accounts are insured up to $250, 000 for principal and interest. The FDIC does not insure share accounts at credit unions.

Detailed explanation-4: -The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress to maintain stability and public confidence in the nation’s financial system.