Who Works for the FDIC?
The Federal Deposit Insurance Corporation was created in 1933 to provide insurance protection for depositors if their bank fails. Since 1933, the FDIC has responded to thousands of bank failures, and its insurance protection has been expanded to include accounts in savings and loans associations. All insured depositors of failed banks and thrifts have been protected by the FDIC. The FDIC protects up to $250,000 of your funds for savings or checking account, certificate of deposit, or money market; and up to $250,000 for IRA or Keogh accounts (effective April 1, 2006). There is more to the FDIC’s mission, however, than standing ready to protect depositors when a financial institution fails. The FDIC also is the Federal bank regulator responsible for supervising certain savings banks and state-chartered banks that are not members of the Federal Reserve System. As a regulator, the FDIC strives to prevent bank failures by monitoring the industry’s performance and enforcing regulations inte
