FDIC Deposit Insurance: What it Covers, Doesn’t Cover and its Biggest Myths
Although rare, banks can go bankrupt. However, your money can be protected if the bank you deposited money with is federally insured by the Federal Deposit Insurance Corporation or FDIC. Since it’s so important that your deposits are FDIC-insured (the equivalent for credit unions is NCUA, or the National Credit Union Administration, which also operates…