FDIC is a US corporation, founded in 1933, that maintains insurance deposits against bank failure. It was established to promote public confidence in the banking system. FDIC insures all bank accounts for member banks with a cap of $100,000 per depositor, and pays out in the event of bank failure; for this reason, you should always ensure that your bank is FDIC insured. If your account grows to over $100,000, you may consider splitting the assets between two member banks (not between two branches of the same bank) in order to insure the entire amount. Credit unions are not covered by FDIC, but instead use a similar insurance program offered through the National Credit Union Association (NCUA).