What stands for FDIC as insurance term?
“. This is a federal government entity set up after the the stock market crash of the 1930’s bankrupted thousands of banks and other financal institutions across the United States. Millions of people lost their entire life savings when the banks defaulted. When they went to withdraw their savings or checking accounts they were turned away because the bank had no money to give them. At that time their was little if anything the public could do to recoup their losses. Today the FDIC insures consumer deposits in member financial institutions up to the stated amount.
