What is FDIC insurance?

FDIC insurance stands for Federal Deposit Insurance Corporation. It is a form of insurance provided by the federal government to protect your bank deposits in the event of a bank failure or other financial crisis. FDIC insurance covers all deposits up to a certain amount, typically $250,000 per account, depending on the type of account. This means that if your bank goes out of business, and the FDIC covers the deposits, you will get your money back up to the amount of the FDIC insurance coverage. This type of insurance is important for the safety of depositors in Washington, because it protects depositors from losing their life savings if a bank fails. FDIC insurance is also an important measure that encourages people to trust their banks and deposit their money, which helps to keep the banking industry stable and secure.

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