SEPTEMBER 21, 1950 –FEDERAL DEPOSIT INSURANCE LIMIT RAISED
1950 –FEDERAL DEPOSIT INSURANCE LIMIT RAISED
The popular FDIC (Federal Deposit Insurance Corporation) limit is raised by
Congress to $10,000. The FDIC insures commercial bank deposits against loss due
to bankruptcy or default. It was created following the Great Depression when
depositors lost their savings when banks collapsed due to speculative
investments and/or depositor fears which led to a run on banks.