"What the F.D.I.C. does is to put the full faith and credit of the United States government behind every savings account in the nation, up to a limit that has changed over the years and stands now at $100,000"

The Federal Deposit Insurance Corporation (F.D.I.C.) is a federal government company that provides insurance for deposits in banks and other financial institutions. It is created to safeguard customers from the threat of losing their cost savings if a bank fails. The F.D.I.C. warranties that all cost savings accounts in the United States are backed by the full faith and credit of the United States federal government, approximately a limitation of $100,000. This limit has actually been increased for many years to stay up to date with inflation and the rising cost of living. The F.D.I.C. provides peace of mind to customers, knowing that their cost savings are safe and protected, even if their bank stops working.