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Federal Deposit Insurance Corporation (FDIC)

The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for at least $250,000; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.

An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s.

Deposits held in different categories of ownership – such as single or joint accounts – may be separately insured. Also, the FDIC generally provides separate coverage for retirement accounts, such as individual retirement accounts (IRAs) and Keoghs, insured up to $250,000. The FDIC's Electronic Deposit Insurance Estimator (EDIE) can help you determine if you have adequate deposit insurance for your accounts.  EDIE is also available in Spanish - Cálculo Electrónico de Seguro de Depósitos.

The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and thrift institutions may offer. (The FDIC's publication Insured or Not Insured? distinguishes between what is and is not protected by FDIC insurance.)

Depository financial institutions (institutions that accept consumer deposits) in Georgia including banks, credit unions, and thrifts/savings banks have deposit insurance through the FDIC or the NCUA. Properly established share or deposit accounts are insured up to $250,000.  Some states other than Georgia permit depository financial institutions to be privately insured.

NOTE: On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. 

Related publication for deposits in credit unions - Your Insured Funds (NCUA)