Final answer:
The Federal Deposit Insurance Corporation (FDIC) protects money in savings, checking, and CD accounts up to $250,000 at member banks, ensuring depositors' funds are safe even if a bank fails.
Step-by-step explanation:
The agency that protects the money depositors have in savings, checking, and certificate of deposit accounts at member banks in the United States is the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This protection is in place to ensure financial stability and prevent bank runs by guaranteeing that, even in the event of bank failure, depositors have access to their insured funds.
Bank examiners from the FDIC are responsible for evaluating the financial health of banks, looking at their balance sheets to assess asset and liability values and the overall risk level. Thanks to these measures, since the enactment of the deposit insurance in the 1930s, no depositor has lost any of their insured deposits.