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Federal Deposit Insurance Corporation (FDIC):
The FDIC, or Federal Deposit Insurance Corporation, is a government organization that protects people's money in banks. If a bank goes out of business, the FDIC makes sure that people don't lose the money they had in their accounts up to a certain limit.
Let's say Sarah has $10,000 in her bank account. Unfortunately, the bank she uses goes bankrupt and closes. The FDIC steps in and makes sure Sarah gets her $10,000 back, so she doesn't lose her savings.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In a land where we save and we store,
Our money in banks, and we're sure,
That if something goes wrong,
The FDIC comes along,
To protect our cash, safe and secure!
The FDIC's here for us all,
To catch us if ever we fall,
When banks face demise,
They make sure we don't lose our prize,
And our money stays safe behind the wall!