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Disclaimer
Federal law is specific about what is a deposit covered by FDIC insurance. In general, think of a deposit as money you put into a checking or savings account at a banking institution that can be used by the institution to make loans to other customers. Examples of FDIC-insured deposits include:
- Checking accounts, Negotiable Order of Withdrawal or NOW accounts (checking accounts that earn interest), and Money Market Deposit Accounts or MMDAs (savings accounts that allow a limited number of checks to be written each month).
- Savings accounts that you can add to or withdraw from at any time.
- Certificates of deposit (CDs), which generally require you to keep funds in the account for a set period, perhaps from three months to five years. Money can be taken out beforehand if you pay an early withdrawal penalty.
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____________________________________________ Table of Contents Increased Need For Knowledgeable Consumers
Questions to Ask Before Buying an Investment
$100,000 FDIC Insurance: What's Included Banks: One-Stop Shopping for Financial Services - Source: Federal Deposit and Insurance Corporation (FDIC)
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