What is FDIC insurance?

FDIC insurance is a type of deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). It guarantees that your money in a bank or savings institution is safe and secure in the event of the bank’s failure or insolvency. In the state of Georgia, all banks are required by law to be members of the FDIC and offer FDIC insurance to their customers. FDIC insurance covers deposits in banks up to $250,000 per depositor per institution. This means that if a bank fails, each depositor in that bank is insured up to $250,000. This includes deposits held in checking, savings, money market, or certificates of deposit accounts. It does not cover stocks, bonds, mutual funds, and other investments. If you have more than $250,000 in any single bank, it is important to know that your account may not be fully covered by FDIC insurance. You may want to consider spreading your assets across more than one FDIC-insured bank or investment institution to ensure your deposits are fully covered. FDIC insurance is an important protection for consumers and is required by law in the state of Georgia. It helps protect your deposits and gives you the peace of mind knowing that your money is safe and secure in the event of a bank failure.

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