The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC insured funds. FDIC insurance covers all deposit accounts including: checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer such as stocks, bonds, mutual funds, life insurance policies, annuities, or securities. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.