The FDIC — short for Federal Deposit Insurance Corp. — is an independent agency of the U.S. government. The FDIC was created by Congress in 1933 to make the savings of millions of Americans secure. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. government.

Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.

The basic insurance amount now is $250,000 per depositor, per insured bank. To check whether your bank or savings association is insured by FDIC, call toll-free (877) 275-3342; use “Bank Find” at www.fdic.gov/deposit/index.html; or look for the official FDIC sign where deposits are received.

Source: FDIC Web site www.fdic.gov.