Concept
How are deposits in banks and thrift institutions protected?
IntroductionToBusiness OP 8D04gAa / Summary of Learning Outcomes
"The Federal Deposit Insurance Corporation (FDIC) is an independent, quasi-public corporation backed by the full faith and credit of the U.S. government that insures deposits in commercial banks and thrift institutions for up to a ceiling of $250,000 per account. Commercial banks accept deposits, make business and consumer loans, invest in government and corporate securities, and provide other financial services. Thrift institutions are depository institutions formed specifically to encourage household saving and to make home mortgage loans."
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