Insured Products
FDIC deposit insurance covers deposit accounts, which, by the FDIC definition, include:
- demand deposit accounts (checking accounts of a type that formerly could not legally pay interest), and negotiable order of withdrawal accounts (NOW accounts, i.e., savings accounts that have check-writing privileges)
- savings deposit accounts (savings accounts), and money market deposit accounts (MMDAs, i.e., higher-interest savings accounts subject to check-writing restrictions)
- time deposit accounts including certificates of deposit (CDs)
- outstanding cashier's checks, interest checks, and other negotiable instruments drawn on the accounts of the bank.
- accounts denominated in foreign currencies
Accounts at different banks are insured separately. All branches of a bank are considered to form a single bank. Also, an Internet bank that is part of a brick and mortar bank is not considered to be a separate bank, even if the name differs. Non-US citizens are also covered by FDIC insurance.
The FDIC publishes a guide entitled "Your Insured Deposits", which sets forth the general characteristics of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance.
Read more about this topic: Federal Deposit Insurance Corporation
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