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How Does the FDIC Work?
How Does The FDIC Work FDIC insurance coverage is not obtained through an insurance agency or an insurance company. FDIC is an acronym for the Federal Deposit Insurance Corporation which is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails. If you have deposits in a U.S. bank and whether or not you are a U.S. citizen, your deposits are insured by the FDIC. Since the FDIC began operation in 1934, no depositor has ever lost a penny [...]
