Answer:
Check whether the Federal Deposit Insurance Corporation (FDIC) and the Securities Investor Protection Corporation (SIPC) insures your bank or savings association.
Step-by-step explanation:
The FDIC is an independent agency of the U.S. government, but its funds come entirely from insurance premiums paid by member firms and the earnings on those funds. However, the FDIC is backed by the full faith and credit of the U.S. government. Since its creation in 1934, there has never been a loss of insured funds to a depositor of a failed institution.
The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails.
Any person or entity can have FDIC insurance coverage in an insured bank. A person does not have to be a U.S. citizen or resident to have his or her deposits insured.