Federal Deposit Insurance Corporation
The “Federal Deposit Insurance Corp.” (or “FDIC”) is an agency of the U.S. government that manages the bank insurance funds, which insure deposits at banks and other qualifying financial institutions up to $100,000 per account ($250,000 on retirement accounts) in interest and principal. FDIC insurance is mandatory for all nationally chartered banks and all banks that are members of the Federal Reserve System. When looking for a new bank account, you should try to find an account that is “FDIC Insured”. Many FDIC Insured banks do not use ChexSystems, or will allow you to open an account even if you are on the ChexSystems list.
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