In 3 sentences, explain what the Federal Deposit Insurance Corporation (FDIC) does, and how it impacts you
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The FDIC is a government agency that insures deposits in banks and thrift institutions up to a certain amount, currently $250,000 per depositor per bank. This insurance coverage helps to provide a level of security and confidence for individuals who deposit their money in insured financial institutions. Knowing that their deposits are protected by the FDIC gives individuals peace of mind and encourages them to save and invest in banks.
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