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What was the purpose of the FDIC established under the federal reserve act in 1933?
Wiki User
∙ 9y ago
To insure who ever deposites money in to a checking or any kinda account that up to so much money the bank will cover and replace if any thing like the Black Tuseday when the Dow Jones Stock Markets crashed.
Wiki User
∙ 13y ago
Wiki User
∙ 11y agoThe Federal Deposit Insurance Corporation was formed to protect depositors from losing their money that they have in protected banks. Most banks are FDIC protected. If you deposit funds in a bank that is not protected by the FDIC, you risk losing everything should the bank fail. Funds are protected up to $250,000
Wiki User
∙ 9y agoThe main purpose of the FDIC was to give bank customers confidence that their money would not disappear in another bank run, such as took place in 1929. Also, the FDIC label gives the bank a bit more clout. People might trust a bank more if they know its money is backed up by some larger and richer organization.
Wiki User
∙ 11y agoThe purpose of the FDIC was to insure money of Americans that deposited their money.
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