| In the US, financial protection of certain bank and credit union accounts by way of insurance provided by a federal agency. Bank insurance up to specified limits is provided for funds on deposit in member banks by the Federal Deposit Insurance Corporation. Credit unions which are federally chartered are insured by the National Credit Union Administration. The FDIC was established in 1933 to prevent a repetition of the losses incurred during the depression when bankrupt banks could not return the money deposited in them.
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