FDICmembers

FDIC members refers to the banks and financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC). Membership is generally mandatory for all banks operating in the United States that accept demand deposits, which are deposits that can be withdrawn without prior notice. This includes commercial banks, savings banks, and savings associations. The FDIC was established by Congress in 1933 in response to the widespread bank failures during the Great Depression. Its primary mission is to maintain stability and public confidence in the nation's financial system.

By insuring deposits, the FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. The standard insurance amount is currently $250,000 per depositor, per insured bank, for each account ownership category. This coverage applies to checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs). Not all accounts are insured, however. For example, investments like stocks, bonds, mutual funds, life insurance policies, annuities, and safe deposit box contents are not covered by FDIC insurance.

The FDIC obtains its funding from the insurance premiums paid by its member institutions, not from taxpayer money. These premiums are based on the amount of insured deposits held by each bank and the bank's risk profile. The FDIC supervises and examines state-chartered banks that are not members of the Federal Reserve System, as well as all other banks and savings associations for safety and soundness and consumer protection. This oversight helps to ensure the financial health of member banks and prevent failures.