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  • Adam Bartsch

Understanding How FDIC Insurance Coverage Applies

At 1:00 am on Monday, March 6, 1933, President Roosevelt, who had taken his first oath of office a mere 36 hours earlier, declared a bank holiday. For one week, all of the nation’s banks were closed. This presidential action followed more than 4,000 bank closures in early 1933, which put particular strain on the country’s bedrock institutions, New York’s large banks, because these banks often held balances for other banks across the country. For the banking industry, this was the low-point of the Great Depression.

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2023 - 01, FDIC
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