Difference between revisions of "Federal Deposit Insurance Corporation"
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The '''Federal Deposit Insurance Corporation''' (FDIC) is an agency which insures deposits in bank institutions in the event of [[money|financial]] failure. Current policies insure the first $250,000 of deposits for an account holder. It was established during [[Franklin Delano Roosevelt]]'s [[New Deal]], through the Glass-Steagall Act of 1933. | The '''Federal Deposit Insurance Corporation''' (FDIC) is an agency which insures deposits in bank institutions in the event of [[money|financial]] failure. Current policies insure the first $250,000 of deposits for an account holder. It was established during [[Franklin Delano Roosevelt]]'s [[New Deal]], through the Glass-Steagall Act of 1933. | ||
| − | Initially, the FDIC insured the first $2,500 in each deposit account. In July 1934, the limit was raised to $5,000. In 1969 the limit was raised to $20,000, and in 1974 it increased to $40,000. In 1980, the limit was raised to $100,000 | + | Initially, the FDIC insured the first $2,500 in each deposit account. In July 1934, the limit was raised to $5,000. In 1969 the limit was raised to $20,000, and in 1974 it increased to $40,000. In 1980, the limit was raised to $100,000<ref>{{cite web|url=http://www.fdic.gov/news/news/speeches/archives/1997/sp23jan97.html|title=FDIC Symposium:History of the Eighties: Lessons for the Future|author=Ricki Helfer, FDIC Chairman|date=January 16, 1997|accessdate=October 22, 2012}}</ref>; the current limit (set in 2011) is $250,000. |
==See also== | ==See also== | ||
Revision as of 23:39, March 24, 2019
The Federal Deposit Insurance Corporation (FDIC) is an agency which insures deposits in bank institutions in the event of financial failure. Current policies insure the first $250,000 of deposits for an account holder. It was established during Franklin Delano Roosevelt's New Deal, through the Glass-Steagall Act of 1933.
Initially, the FDIC insured the first $2,500 in each deposit account. In July 1934, the limit was raised to $5,000. In 1969 the limit was raised to $20,000, and in 1974 it increased to $40,000. In 1980, the limit was raised to $100,000[1]; the current limit (set in 2011) is $250,000.
See also
References
- ↑ Ricki Helfer, FDIC Chairman (January 16, 1997). FDIC Symposium:History of the Eighties: Lessons for the Future. Retrieved on October 22, 2012.