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They are safe, and they are guaranteed. We, as a nation, depend on these guarantees as to the financial backbone of our monetary system.
Have you ever wondered what is not insured?
Most of us take the protection of the money we deposit in our bank accounts for granted today, but this security has not always been there. After the stock market crash of 1929, thousands of banks failed. In 1933, Congress and President Franklin D. Roosevelt created the Federal Deposit Insurance Corporation (FDIC) to provide a federal government guarantee of deposits and maintain stability and public confidence in the nation's banking systems.
1933: Congress creates the FDIC to calm the nation after many bank failures during the depression.
2008: The Emergency Economic Stabilization Act of 2008 was signed on October 3, 2008. This raised the basic limit of federal deposit insurance coverage from $100,000 to $250,000 per depositor.
A simple way to understand how FDIC insurance works is to visit this very informative website: www.fdic.gov
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