Safe deposit of money (jan 1, 1908 – jun 1, 1933)
Description:
The Banking Act of 1933 authorized the FDIC to pay up to $2,500 (increased to $250,000 as of 2024) to anyone banking with insured banks that failed, which gave confidence back to the people to trust in the banking system. Prior to this act (1908-1917) 8 states tried some form insurance system in banking but mainly failed due to the great depression and WW1 (Finanace no.5)Added to timeline:
Date:
jan 1, 1908
jun 1, 1933
~ 25 years