FDIC
Also called: Federal Deposit Insurance Corporation, FDIC insured
The FDIC insures US bank deposits up to $250,000 per depositor, per bank, per ownership category, and it also resolves failed banks — typically over a weekend, with customers regaining access on Monday. The ownership-category detail is what lets a family insure well beyond $250,000 at one institution. In 2023 it invoked a systemic risk exception to cover uninsured deposits at two failed banks, a precedent still being argued over.