FDIC insurance
US government protection that repays your deposits if an insured bank fails, up to $250,000 per depositor, per bank, per ownership category.
The Federal Deposit Insurance Corporation backs deposits at member banks. If the bank fails, insured money is returned to you. You do not need to apply. It covers checking, savings, money market deposit accounts and CDs.
It does not cover stocks, bonds, mutual funds, crypto, annuities or the contents of a safe deposit box, even if you bought them through a bank. Credit unions have similar coverage from the NCUA, up to $250,000.