Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation is a United States government corporation created on June 16, 1933 during the Great Depression to restore public confidence in the banking system after the wave of bank failures and depositor runs that preceded it. Headquartered in Washington, D.C., it insures deposits at member commercial and savings banks, including checking accounts, savings accounts, money market accounts, and certificates of deposit, up to 250,000 dollars per depositor per ownership category at each insured institution, and it works to promote the safety and soundness of the banking system more broadly.