![]() ![]() On March 6, then-president Franklin Delano Roosevelt declared a nationwide banking holiday, closing every bank in the country. The Banking Act of 1933 brought the FDIC into existence in the wake of a financial crisis caused by an increase in bank failures. Since its creation, no one has lost a single cent of insured deposits due to bank failure. The FDIC protects deposits, assesses security, promotes access to banking, and examines and resolves failed banks. ![]() It is best understood as insurance for a bank and its customers. The FDIC is an independent agency created by Congress in 1933. ![]() You may hear or see the phrase “Member FDIC” when banking with Westfield Bank – but what does FDIC mean? The Federal Deposit Insurance Corporation (FDIC) is an essential part of our financial system however you might not know its history and the role it plays in ensuring financial security. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |