What does Fdic Insurance mean? Read on to discover the definition & meaning of the term Fdic Insurance - to help you better understand the language used in insurance policies.
Insurance policy provided by financial institutions affiliated with the FDIC. Under this policy, consumers' deposits are covered up to $250,000 if the bank becomes insolvent. This insurance is backed by the tax authority of the United States. The amount was extended from $150,000 to $250,000 during the financial crisis of 2008 as consumers raised concerns over unstable banks.
We hope the you have a better understanding of the meaning of Fdic Insurance.