What is FDIC insurance?

FDIC insurance is a federal insurance system designed to protect customers of banks and other financial institutions against loss of their deposits if the institution fails or fails to meet its obligations. FDIC insurance is available in South Carolina and is provided by the Federal Deposit Insurance Corporation, or FDIC. The FDIC provides up to $250,000 of insurance for deposits in insured banks. This amount can be increased depending on the type of account, such as joint accounts and certain retirement accounts. To be eligible for FDIC insurance, a bank or other financial institution must be an FDIC-insured institution and must be a member of the FDIC. FDIC insurance is free and is automatic, so customers do not need to apply or pay extra for it. All banks and other financial institutions insured by the FDIC must display the official FDIC sign or logo. This logo serves to inform customers that their deposits are safe and secure and are backed by the FDIC. FDIC insurance provides peace of mind for depositors, knowing that their deposits are insured in the unlikely event of the institution’s failure.

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What is FDIC insurance?

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