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The Federal Deposit Insurance Corporation (FDIC)
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The Federal Deposit Insurance Corporation (FDIC)
The Federal Deposit Insurance Corporation (FDIC) in an independent agency of the United States Congress that was created in 1933 in a section of the Federal Reserve Act. It’s main propose is to insure banks in the event of bank failure. In 1950, a section of the act concerning the corpor .... Middle of paper
.... is closed by chartering authority, the FDIC makes payment of insured deposits to all of the failed institution’s depositors as soon as possible, usually on the next business day after the closing of the institution. The depositors who have funds in excess of the insurance limits receive the insured portion of their funds. They may also receive a portion of their uninsured funds either at that time or as the assets of the failed institutions ....
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Number of words: 396
Number of pages: 2 (approx. 250 words per double-spaced page)
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