Insured deposits Law and Legal Definition
Deposits which are insured are insured deposits. A guarantee is given by the Deposit Insurance Fund (DIF) administered by the Federal Deposit Insurance Corporation (FDIC). Insurance is provided to protect against loss accruing from bank failure or insolvency. Insurance is given to an account at a bank, savings and loan association. Credit union accounts are insured by the National Credit Union Administration. Brokerage accounts are insured by the securities investor protection corporation.