What is the FDIC? And how does it work?
The Silicon Valley Bank collapse affected many businesses and individuals. However, people with accounts at that bank were automatically protected, up to $250,000. All because of the Federal Deposit Insurance Corporation or FDIC. Some are wondering how does the FDIC work?
The Federal Deposit Insurance Corporation has been around since the 1930s. It's a government-backed corporation that helps people get their money back, up to $250,000 per depositor, if the bank goes under.
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