Have you ever really listened to a bank commercial on tv or the radio? At the end you will hear them say that they are a member of the Federal Deposit Insurance Corporation or FDIC. What does that mean? It means that your funds are ‘backed by the full faith and credit of the United States government.’ That means if the bank folds, your money will be returned to you by the US government.Â
I am asked almost daily about FDIC from clients. They want to make sure that they wont lose a dime of their hard-earned money if anything happens to the bank. …