When putting money in a bank account, there’s an assumption that it will be there whenever you need it. This can be true if you put cash into an Federal Deposit Insurance Corporation commonly known as FDIC insured account. The FDIC has been around since 1933 and was created to prevent the financial crisis that took place during the Great Depression due to bank failures from happening again. What is FDIC Insurance FDIC insurance is a type of government-backed safety net for people who place their money in banks or savings associations. This type of insurance protects against any bank failures and theft. Not only does FDIC insurance cover money in banks-it also extends to cashier checks and money orders. What it doesn’t cover is investment products. Not every bank is FDIC insured–only members of the Federal Deposit Insurance Corporation (FDIC) are. This is a deposit insurance agency backed by the federal government. To check if your bank is insured, scan BankFind, the FDIC’s online tool. Account owners can also check whether an account is fully insured, by using the Electronic Deposit Insurance Estimator tool.