This is a primer on what the Federal Deposit Insurance Corporation is all about.
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The FDIC was created, over the vociferous opposition of its beneficiaries—the banking industry—in the dark spring of 1933, when 4,000 banks had closed. Francis Sisson, then-president of the American Bankers Association, thought the idea of having banks kick in to a fund that would insure individual banks against losses--and the entire system against the contagion of bank runs—was "unsound, unscientific, unjust, and dangerous."

But it worked. In 75 years, no insured deposit—the current limit for a regular account is $100,000—has been lost