In the rare case that a bank fails, a customer's money is protected as long as the bank is federally insured. A bank that’s federally insured is backed by the Federal Deposit Insurance Corp. (FDIC). Credit unions offer protection as well, through theNational Credit Union Administration. ...
What Is the FDIC? The FDIC is an independent government agency created to protect consumers against financial loss of FDIC-insured funds. Though established by the U.S. Congress, the FDIC does not receive Congressional funding. Instead, funding comes from deposit insurance premiums paid by banks ...
Up to $250,000 is guaranteed to be returned to you if a bank goes bankrupt. For more information, see this explainer on FDIC insurance for CDs. How does a CD work? The process for opening a certificate of deposit starts the same way as for other...
Like traditional savings accounts, HYSAs typically allow you to access cash when you need it, sometimes with a free ATM card. And like a traditional account, your HYSA is federally insured by either theFederal Deposit Insurance Corporation(FDIC) or the National Credit Union Administration (NCUA)...
What Is a Good Retirement Income? Here’s a look at average retirement incomes and how much people spend during their golden years. Maryalene LaPonsieFeb. 18, 2025 The Cheapest Places to Retire Abroad Here’s where you can retire well overseas on a very small budget. ...
The bank is regulated for the protection of consumers. Hence, its funds undergo strict scrutiny by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System. These two Federal agencies are responsible for guaranteeing that the bank will be able to repay the borrowed funds. ...
The five-year Ally Bank High Yield CD, for example, offers a 3.50% APY for no minimum deposit required. Ally Bank® CDs Learn More Ally Bank® is a Member FDIC. Annual Percentage Yield (APY) From 2.90% to 4.00% APY Terms From 3 months to 5 years Minimum balance None Monthly fee...
What is the history of FDIC insurance? TheBanking Act of 1933was passed in response to the bank failures of the Great Depression. In addition to other reforms, the act created the Federal Deposit Insurance Corporation. In 1935, the government made the FDIC permanent and tightened its standards...
A joint bank account can be beneficial for couples. Learn what a joint account is with this article from Better Money Habits.
The Department of Justice can file lawsuits under ECOA (and theFair Housing Act, if the discrimination involves mortgages) where there is a pattern or practice of discrimination.2 Various federal agencies enforce ECOA, including theConsumer Finance Protection Bureau (CFPB), the FDIC and the Office...