FDIC and NCUA
The Federal Deposit Insurance Corporation (FDIC) protects eligible cash at an insured bank if that bank fails. The National Credit Union Administration (NCUA) does the same job at a credit union. The bank or credit union will say which agency covers the account.
Coverage is capped per depositor, per institution, and per ownership category. It does not protect a drop in stocks, a mutual fund, or crypto. Before you move paycheck money into an app, check whether the cash is actually sitting in an insured bank or credit union.
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