GLOSSARY · BUDGETING, SPENDING & SAVING
Deposit insurance (FDIC and NCUA)
Federal protection for deposits at an insured bank (FDIC) or credit union (NCUA) if the institution fails. Coverage applies per depositor, per institution, for each account ownership category, so joint, individual and certain retirement accounts at the same bank are counted separately. It does not cover investments such as money market funds, nor the failure of a non-bank app that places your money at a bank.
Also called: FDIC insurance, NCUA insurance, share insurance, insured deposits
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CHAPTER · ARRIVING AND WORKING ON A VISA · FOUNDATIONSBank Accounts, an SSN or ITIN, and Credit from ZeroCHAPTER · SAVINGS FOUNDATIONS & EMERGENCY FUNDS · FOUNDATIONSWhere to Keep Your SavingsRELATED TERMS
SOURCES
- Understanding Deposit Insurance. Federal Deposit Insurance Corporation.
- Share Insurance Coverage. National Credit Union Administration.