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FDIC CONSUMER NEWS | JULY 10, 2023 |
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FDIC CONSUMER NEWS - JULY 2023 EDITION
Is My Money Insured by the FDIC?
What to consider about using a nonbank
When considering where to hold their money, consumers have traditionally opened deposit accounts directly with banks (whether in-person, online, or through the bank’s mobile app). The easiest way for most consumers to have confidence that their money is safe continues to be depositing it in insured bank accounts. A newer option is for consumers to open accounts with nonbank companies (typically just online or through apps) that may or may not have a relationship with a bank. However, if and how a bank is involved is key for deposit insurance purposes.
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