Federal Deposit
Insurance Corporation (FDIC)
Headquarters: 550
17th Street NW
Washington, DC 20429
Phone: 202-736-0000
Employees: 5,000
Chairman: Sheila Bair
Website: http://www.fdic.gov
Career Page
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.
An independent agency of the federal government,
the FDIC was created in 1933 in response to the thousands of
bank failures that occurred in the 1920s and early 1930s. Since
the start of FDIC insurance on January 1, 1934, no depositor
has lost a single cent of insured funds as a result of a failure.
The FDIC receives no Congressional appropriations - it is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities. With insurance funds paid by member banks, the FDIC insures more than $3 trillion of deposits in U.S. banks and thrifts - deposits in virtually every bank and thrift in the country.
Savings, checking and other deposit accounts, when combined, are generally insured up to $100,000 per depositor in each bank or thrift the FDIC insures. This amount was increased to $250,000 for 2009 due to the financial crisis. Deposits held in different categories of ownership - such as single or joint accounts - may be separately insured. Also, the FDIC generally provides separate coverage for retirement accounts, such as individual retirement accounts (IRAs) and Keoghs. (The FDIC's Electronic Deposit Insurance Estimator can help you determine if you have adequate deposit insurance for your accounts.
The FDIC insures deposits only. It does
not insure securities, mutual funds or similar types of investments
that banks and thrift institutions may offer. (Insured and Uninsured
Investments distinguishes between what is and is not protected
by FDIC insurance.)
The FDIC directly examines and supervises about 5,160 banks and savings banks, more than half of the institutions in the banking system. Banks can be chartered by the states or by the federal government. Banks chartered by states also have the choice of whether to join the Federal Reserve System. The FDIC is the primary federal regulator of banks that are chartered by the states that do not join the Federal Reserve System. In addition, the FDIC is the back-up supervisor for the remaining insured banks and thrift institutions.
The FDIC employs about 5,000 people. It is headquartered in Washington, D.C., but conducts much of its business in six regional offices and in field offices around the country.
The FDIC is managed by a five-person Board
of Directors, all of whom are appointed by the President and
confirmed by the Senate, with no more than three being from the
same political party.
Benefits
* Federal Employees Health (FEHB) Insurance Program, consisting of options such as Managed Fee-for-Service, Point-of-Service, HMO, and High-Deductible Health Plans coupled with a Health Spending Account.
* Federal Employees Group Life Insurance (FEGLI) Program, which provides basic and optional coverage for you and optional coverage for your dependents
* FDIC Choice - a Flexible Cafeteria Benefits Plan, offering Dental, Vision, Life, Long-Term Disability, Health Care Flexible Spending Account, Dependent Care Flexible Spending Accounts
* Federal Retirement System plans
* Federal Thrift Savings Plan and FDIC Savings Plan (401(k))
* Lifecycle Account, Alternative Work Schedule, Telework programs
* Paid holidays, Annual Leave (Vacation) and Sick Leave
Updated July 6, 2010
