Definition:
Federal Deposit Insurance Corporation (FDIC)
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The Federal Deposit Insurance Corporation, or FDIC, is the U.S. government agency that guarantees the repayment of the public's deposits in U.S. banks and thrifts up to a maximum of $100,000.During the financial crisis of 2008, the FDIC temporarily increased the maximum insured deposit up to $250,000 because of the historic number of bank failures that occurred.
The FDIC also assesses insurance premiums that must be paid by depository institutions offering federally insured deposits.
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