The financial acronym FDIC stands for the Federal Deposit Insurance Corporation, a United States government corporation. The FDIC provides insurance to guarantee the safety of bank deposits made within the United States up to a certain limit.
For example, the Federal Deposit Insurance Corporation or FDIC was created by an act of Congress called the Glass-Steagall Act of 1933. Member banks of the FDIC are able to offers their customersí FDIC insurance on deposits up to $250,000 per depositor per bank, and the FDIC member banks number close to 8,000. In addition, the FDIC manages banks in receivership or failed banks and supervises and manages certain other financial institutions. The entity was created to maintain the stability of the financial system and support the publicís confidence towards it in the wake of the tidal wave of bank failures during the Great Depression of the 1930ís. The total amount of deposits insured by the FDIC is estimated at over $4 trillion.