![Al Martinez](/images/resized/images/news/2024/474_may03/4_100_100.jpg)
Strategies for maximizing FDIC protection
The news of the closure of three banks in 2023 sent shockwaves across the financial world. As customers of these banks scramble to secure their savings and investments, it is helpful to remember the role of the Federal Deposit Insurance Corporation in protecting deposits up to $250,000.
The FDIC was created in 1933 in response to bank failures during the Great Depression. Its primary mission is to protect depositors by insuring their deposits against loss in case of a bank failure. The FDIC covers up to $250,000 per depositor, account category, and insured institution.
In the event of a bank failure, the FDIC typically pays depositors their...