Banks are financial institutions that are made to ensure the safety of your money. In the case of your bank closing, or any other event, they are insured by another organization, which is the FDIC and NCUA. Be sure to keep reading to learn more about the similarities and differences between the FDIC v NCUA.
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What is FDIC v NCUA?
FDIC stands for the Federal Deposit Insurance Corporation. They are an independent government agency that was built to protect customers in the event that their covered banks begin to fail. The FDIC creates good faith with financial institutions.
Founded in 1933, the FDIC is a regulatory agency that insured banks across the nation. They currently insure up to $250,000 per depositor for each of their accounts. While they provide assistance to banks by ensuring their customers that their money is secure, the banks are responsible for providing regular reports.
In addition to traditional accounts, the NCUA insures federal credit unions by covering their regular share of share draft accounts. They also have the same limitation by providing up to $250,000 for each depositor at a credit union, for each account that they have.
Both these institutions have the ultimate goal of providing security for the bank customer’s assets. By giving their customers good faith that that valuables are safe, the customers are more likely to deposit more at the institution.
FDIC v NCUA Account
Accounts Not Covered by FDIC
- Stock investments
- Bond investments
- Mutual funds
- Life insurance policies
- Annuities
- Municipal securities
- Safe deposit boxes or their contents
- U.S. treasury bills, bonds or notes
Accounts Not Covered by NCUA
- Mutual funds
- Stocks
- Bonds
- Life insurance policies
- Annuities offered by affiliated entities
Author’s Verdict
Regardless of where you decide to keep your money, whether its the FDIC v NCUA, be sure to choose a financial institution that is insured! This is a great way to keep your valuables safe in the case of any emergencies.! At BankDealGuy, we have all these guides for you to be able to manage your money better! We strive to create content that will help our readers achieve their financial dream.
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