FDIC
/ˌef diː aɪ ˈsiː/
/ˌef diː aɪ ˈsiː/
Federal Deposit Insurance Corporation
- an independent US government organization that provides insurance for bank accounts. It was created in 1933, and all Federal Reserve Banks are covered by its insurance. If a bank fails, the FDIC can give each customer some money as compensation.
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FDIC