What is the FDIC for?
It would likely be safe to assume that almost everyone in the United States has seen the “Member FDIC” signs that are displayed at banking institutions. Even if you don’t have a bank account yourself, you have still probably seen one at least once in your lifetime thus far. The signs are as common in America as hot dogs and apple pie. However, something being extremely common does not mean it is also understood by everyone. If you’re one of those people unsure of what exactly the FDIC is or what it does, read on to find out. The FDIC stands for “The Federal Deposit Insurance Corporation.” It exists to provide insurance for nearly every banking institution, as well as savings and loan institution. It automatically protects individuals and businesses alike, for up to $100,000, in the event of bank failure. In the case of retirement funds, the FDIC insures up to $250,000. This basically means that if your bank goes the way of the dinosaurs, your money is guaranteed to be safe up to those
