In personal finance, what does the U.S. agency FDIC stand for?

In personal finance, FDIC stands for the Federal Deposit Insurance Corporation.

The FDIC is an independent U.S. government corporation created in 1933 during the Great Depression. Its central purpose is to maintain stability and public confidence in the banking system by insuring eligible deposits at participating banks.

FDIC insurance generally covers deposit accounts such as checking accounts, savings accounts, certificates of deposit, and certain money market deposit accounts. The standard coverage limit is $250,000 per depositor, per insured bank, for each ownership category. Coverage applies to eligible deposits, not to investments such as stocks, bonds, mutual funds, or cryptocurrency.

A common mix-up is confusing the FDIC with the National Credit Union Administration, or NCUA. The FDIC insures deposits at banks, while the NCUA provides comparable federal insurance for eligible deposits at federally insured credit unions.