What is FDIC?

A regulator supervises a firm, but the FDIC does something slightly different: it insures deposits. If a US bank fails, insured balances are repaid, which is why a bank account described as FDIC insured is about the safety of the money rather than the investment side. In this group the FDIC appears in the regulator field of Acorns Checking, and of Ally Bank, which lists SEC, FINRA and FDIC with the certificate FDIC cert 57803. Bank of America also lists the FDIC. Coverage has limits, so check the current ceiling rather than assume every balance is protected.