Banks and bank accounts are regulated by both state and federal laws. Banking or financial law governs Internet banking, credit unions, savings and loan associations, banks, and thrift institutions. Banking law also governs many savings and investment products, including bank deposits, money-market accounts, and certificates of deposit (CDs).
The Federal Deposit Insurance Corporation (FDIC) insures bank deposits, examines and rates the soundness of banks and other financial institutions, regulates how banks can advertise to consumers, and oversees banks that are struggling. The FDIC insures your bank accounts at covered institutions for up to $100,000 per account. The FDIC also holds and oversees the payout of unclaimed funds from banks that are struggling.