How does the Federal Deposit Insurance Corporation (FDIC) safeguard deposits and ensure the stability of the U.S. banking system?

The FDIC was created in 1933 to maintain stability and public confidence in the US financial system, and it has been insuring deposits for over 90 years.

The FDIC insures deposits up to $250,000 per depositor, per insured bank, covering checking accounts, savings accounts, money market deposit accounts, and certificates of deposit.

The FDIC's deposit insurance is automatically applied to eligible deposits, and there is no need for depositors to apply or pay for this protection.

As of the first quarter of 2024, the banking industry's net income was $64.2 billion, representing a 79.5% increase from the previous quarter.

The FDIC's BankFind Suite allows users to search for FDIC-insured banks and branches, providing information on over 5,500 banks and 80,000 branches across the US.

The FDIC's deposit insurance fund is funded by premiums paid by insured banks, not by taxpayers, ensuring that the fund remains self-sufficient.

The FDIC examines and supervises financial institutions for safety, soundness, and consumer protection, ensuring that banks operate in a prudent and transparent manner.

The FDIC's Problem Bank List tracks banks that are under close monitoring due to financial concerns, and the FDIC works with these banks to address their issues.

The FDIC hosts conferences, producing insightful works that inform its supervision and regulation of financial institutions, covering topics like deposit insurance, bank performance, and consumer finance.

The FDIC's Annual Cybersecurity and Financial System Resilience report highlights the agency's efforts to strengthen cybersecurity in the financial services sector.

The FDIC insures deposits in US dollars, and deposits in other currencies are not insured.

The FDIC's deposit insurance coverage is per depositor, per insured bank, so if a depositor has multiple accounts in the same ownership category at the same bank, the combined balances are insured up to $250,000.

The FDIC's deposit insurance does not cover investments in stocks, bonds, mutual funds, or other investment products, only traditional deposit accounts.

The FDIC provides resources for consumers, bankers, and analysts, including data and statistics on banking industry trends, bank performance, and deposit insurance.

The FDIC manages receiverships, taking over and resolving failed banks to minimize disruption to depositors and the financial system.