Federal Deposit Insurance Corporation
a.k.a. FDIC
The US agency that insures bank deposits, currently up to $250,000 per depositor, per bank, per ownership…
In plain English
The US agency that insures bank deposits, currently up to $250,000 per depositor, per bank, per ownership category.
The FDIC was created in 1933 after waves of bank runs in the Great Depression. If an insured bank fails, the FDIC makes sure covered depositors get their money back.
Note it covers bank deposits, not trading accounts. Brokerage and forex accounts have different, and often much weaker, protections.
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