What is the FDIC and NCUA and why do they matter to you?
What will be an ideal response?
FDIC is the Federal Deposit Insurance Corporation. It is an agency of the federal government that protects you in case the bank where you have your accounts fails. The NCUA is the National Credit Union Administration. It operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which is the federally backed insurance that will pay claims against a failed credit union. The FDIC and NCUSIF do not insure every type of account that a bank or a credit union offers. Checking accounts, savings accounts, money market accounts, and certificates of deposit are usually insured. They typically do not insure money invested in stocks, bonds, mutual funds, or life insurance policies or other annuities, even if you have them invested with or bought them from an insured bank.
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