What to know about FDIC insurance and how your money is protected
The FDIC is an independent government agency that was created by the Banking Act of 1933 during the Great Depression. The sudden collapse of two regional U.S. banks in three days has some Americans wondering if their bank could be next. President Biden addressed the nation Monday morning to reassure Americans — "Your deposits will be there when you need them" — and pledging to take action to "reduce the risks of this happening again." MORE: Amid crisis, Biden tells Americans 'banking system is safe' The federal government took "extraordinary measures" to make sure customers of Silicon Valley Bank and Signature Bank would be made whole and have access to all of their money immediately -- whether it was FDIC insured or not. Biden stressed that these banks were not being bailed out by taxpayers, as was the case during the 2008 financial crisis "No losses will be — and this is an important point — no losses will be borne by the taxpayers," ...