What does FDIC stand for?

What does FDIC stand for?

• A. Federal Deposit Insurance Corporation
• B. Federal Disability Insurance Corporation
• C. Federal Deposit Insurance Committee
• D. Federal Department of Insurance Corporation

Answer: (A)

FDIC stands for Federal Deposit Insurance Corporation. This U.S. government agency protects individual bank depositors by insuring deposits (like checking and savings accounts) up to a set limit, which helps keep people’s money safe and maintain trust in the banking system. It was created during the Great Depression to restore confidence after widespread bank failures. The other options mix up different concepts (disability insurance, a committee, or a department) and don’t describe what the FDIC actually does.

FDIC stands for Federal Deposit Insurance Corporation. This U.S. government agency protects individual bank depositors by insuring deposits (like checking and savings accounts) up to a set limit, which helps keep people’s money safe and maintain trust in the banking system. It was created during the Great Depression to restore confidence after widespread bank failures. The other options mix up different concepts (disability insurance, a committee, or a department) and don’t describe what the FDIC actually does.