A federal government agency established in 1933, that insures deposit accounts in member banks up to $100,000. The FDIC is a government corporation that insures accounts in national banks and other qualified institutions. This organization provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to a specified amount per depositor per bank.
Additional meaning of Federal Deposit Insurance Corporation (FDIC):
The FDIC also performs other functions, such as making loans to or buying assets from member institutions to facilitate mergers or prevent failures.