The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".
The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania, United States. PSFS was founded in December 1816, the first savings bank to organize and do business in the United States. The bank would develop as one of the largest savings banks in the United States and became a Philadelphia institution. Generations of Philadelphians first opened accounts as children and became lifelong depositors.
The deposit market share is a way of measuring the size and performance of a bank in the United States based on the banks total amount of deposits. It is the amount on deposit at a particular bank divided by the total amount on deposit at all banks.
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
The Expedited Funds Availability Act was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. The law is codified in Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations.
The Korea Deposit Insurance Corporation (KDIC) is a South Korean deposit insurance corporation, established in 1996 to protect depositors and maintain the stability of the financial system. The main functions of KDIC are insurance management, risk surveillance, resolution, recovery, and investigation.
A bank is a financial intermediary which mobilizes deposits from saver surplus to deficit spenders. A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
The Certificate of Deposit Account Registry Service (CDARS), was a US for-profit service that broke up large deposits and placed them across a network of more than 3000 banks and savings associations around the United States. This allowed depositors to deal with a single bank that participates in CDARS but avoid having funds above the Federal Deposit Insurance Corporation (FDIC) deposit insurance limits in any one bank.
Wise, previously known as TransferWise, is a financial technology company focused on global money transfers. Headquartered in London, it was founded by Kristo Käärmann and Taavet Hinrikus in January 2011. As of 2023, it offers three main products: Wise Account, Wise Business, and Wise Platform.
A prize-linked savings account (PLSA) or lottery-linked deposit account is a savings account in which some of the interest payment on bank deposits or marketing dollars are distributed as prizes based on chance. They are attractive to consumers as they function both as a sweepstakes or game of chance and as savings vehicle. PLSAs are similar to lottery bonds, except they are offered by banks, credit unions, prepaid card companies, and financial technology companies, and they can be held for a period of time determined by the consumer. Sometimes the returns are in-kind prizes rather than cash.
IntraFi, LLC, is a privately held firm with a network of more than 3,000 financial institutions, three-quarters of all U.S. commercial banks and thrifts as members. Among its members are 23 of 25 top U.S. banks and 95% of all U.S. community banks. The company’s headquarters is in Arlington, Virginia.
SoFi Technologies, Inc. is an American personal finance and financial technology company. Founded in 2011 at Stanford University, it operates as a direct bank and supports other financial institutions through its technology platform. As of 2024, SoFi reports 9.4 million customers and 160 million platform accounts.
Revolut Group Holdings Ltd, known simply as Revolut, is a global neobank and financial technology company headquartered in London that offers banking services for retail customers and businesses. It was co-founded in 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko.
Brex Inc. is an American financial service and technology company that offers business credit cards and cash management accounts to technology companies. Brex cards are business charge cards, which require at least $50,000 in a bank account if professionally invested, if not with $100,000 to open, and cardholders who default won't damage their personal credit or assets. Emigrant Bank issues the Brex cards.
Chime Financial, Inc. is a San Francisco–based financial technology company that provides fee-free mobile banking services through two national banks, Stride Bank and The Bancorp Bank.
TellusApp, Inc. is an American real estate technology and financial technology company. The company's primary product, an eponymous app, provides a property management and payment system for use in housing rentals, and offers non-FDIC-insured cash accounts targeted at general consumers.
Mercury is an American fintech company that provides banking services to early stage start-up companies. The company is not a bank, but works with banking service providers to provide bank accounts and other financial services. The company was founded in 2017 in San Francisco, California.
Evolve Bank & Trust, formerly First State Bank, is an American bank headquartered in West Memphis, Arkansas. It is best known since 2010 for partnering with fintech companies to offer banking services to their customers. Evolve has been recognized multiple times as an Inc. 5000 company and has also received several honors from Top Workplace USA.
Varo Bank is an American neobank headquartered in Salt Lake City, Utah. Launched in 2017, Varo was the first neobank to receive a national bank charter from the Office of the Comptroller of the Currency. The company is led by founder and chief executive officer Colin Walsh.
Synapse Financial Technologies, Inc. was an American banking as a service company. Based on San Francisco, Synapse filed for chapter 11 bankruptcy protection in April 2024.
