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The Federal Deposit Insurance Corporation (FDIC) - Online Term Paper

The Federal Deposit Insurance Corporation (FDIC)

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 corporation was amended and makes a separate law, the Federal Deposit Insurance act. This act provides up to $100,000 insurance for each person who puts money into an insured bank. All the banks that are members in the Federal Reserve System automatically become insured by the corporation including the national banks chartered by the comptroller of the currency ...

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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 is liquidated. The major jobs of the corporation are to pay the depositors if an insured bank closes without enough money to pay the claims of its depositors. The Corporation also regularly examines insured banks that are not members of the Federal Reserve System and prescribes rules governing the payment and advertising of interest on deposits. A three-member board of directors manages the FDIC. The FDIC does not give protection against losses due to fire, theft, or fraud, which are insured by other companies under hazard and casualty ...

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The Federal Deposit Insurance Corporation (FDIC). (2006, September 21). Retrieved April 25, 2024, from http://www.essayworld.com/essays/The-Federal-Deposit-Insurance-Corporation-FDIC/52746

"The Federal Deposit Insurance Corporation (FDIC)." Essayworld.com. Essayworld.com, 21 Sep. 2006. Web. 25 Apr. 2024. <http://www.essayworld.com/essays/The-Federal-Deposit-Insurance-Corporation-FDIC/52746>

"The Federal Deposit Insurance Corporation (FDIC)." Essayworld.com. September 21, 2006. Accessed April 25, 2024. http://www.essayworld.com/essays/The-Federal-Deposit-Insurance-Corporation-FDIC/52746.

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PAPER DETAILS

Added: 9/21/2006 01:25:22 PM
Category: Economics
Type: Free Paper
Words: 396
Pages: 2

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