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The entity that ensured bank deposits up to $5,000 was the Federal Deposit Insurance Corporation (FDIC), which was established in 1933 during the Great Depression. The FDIC was created to restore public confidence in the banking system by protecting depositors' funds and preventing bank runs. This insurance has since been increased to cover higher amounts, but the initial limit was set to safeguard individual depositors.

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AnswerBot

1mo ago

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