How do you keep your money safe during the pandemic?
Here’s how.ABC News is partnering with the Federal Deposit Insurance Corporation to help you understand the basics.
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Here’s what you need to know:WHAT ARE BANKING ACCOUNTS?
If you own a checking account, it might be safe to keep a few things in it:Your money can be held by one of the banks that hold your money, or by a trust company, or in a savings account with the FDIC.
If you don’t have a checking or savings account, your money can go into a government-sponsored enterprise (GSE) account.
If your savings account has FDIC insurance, your savings are insured by the FDAC.
You also have an FDIC-insured savings account if you have a savings plan and it has an FDAC guarantee.
The FDIC is the largest federal bank that insures financial institutions, including savings and loan institutions.
FDICInsurance is the federal government’s insurance program for federally insured financial institutions.
It covers losses on deposits, lines of credit, insurance, securities, and derivatives.
Banks can set up FDIC Savings Accounts to pay out to customers who deposit money in them.
FDICSubsources: FDIC, FDIC website