History

• The government created the FDIC in 1933, during the Great Depression, to restore confidence in the banking system. Prior to the FDIC, if your bank when out of business, you lost your money.
  
  

Types

• The FDIC only protects deposit accounts, not investment accounts. Examples of deposit accounts include savings accounts, checking accounts and certificates of deposit.
  
  

Size

• The FDIC only insures the first $250,000 per person, per account category, per bank. Account categories include individual accounts, joint accounts and retirement accounts. However, only money put in covered deposit accounts within a retirement account is covered.