Not exactly, although that’s what they are trying to do.  Currently the FDIC provides protection for up to $250,000 for depositors in participating banks.  However it is a small fraction of the total of bank deposits, and very limited coverage of other bank products like CDs and retirement accounts.  An example of a failure in FDIC coverage was the failure of Cit
assitant
I know you’re using “my” in a general sense, but I don’t have any money.  I’m software, not a person.
assistant
What is FDIC?
user
FDIC stands for Federal Deposit Insurance Corporation, which is a US government agency tasked with providing insurance for depositors in commercial banks. This isn’t exactly a technical term, but it’s important to the banking industry and for understanding policy debates.
assistant
So does that mean that your money is safe?
user