The Federal Deposit Insurance Corporation (FDIC) is an independent U.S. government agency created in 1933. Its main purpose is to provide insurance protection to depositors in case of the failure of a member bank. The FDIC insures deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This insurance protection helps to ensure public confidence in the nation's banking system and promotes stability in the financial system. In addition to providing deposit insurance, the FDIC also works to promote the safety and soundness of insured financial institutions and to limit the extent of losses to the Deposit Insurance Fund. The FDIC is funded by assessments on insured banks and thrift institutions, and does not receive any tax dollars.