Tip:
Highlight text to annotate it
X
This is financial advisor, Patrick Munro, discussing what does FDIC stand for. FDIC
is the Federal Depository Insurance Corporation, and really, it is an association that is been
formulated to protect banks, and the depositors of those banks up to a level of one hundred
thousand dollars. What that is is if you're with a bank; any bank, you should always make
sure that you only have one hundred thousand dollars on deposit with that institution.
If a bank goes down because of the economy this FDIC will stand in stead to make sure
that your deposits are protected by this emergency fund, FDIC. Banks, especially in recent times,
have come under challenges. In fact, in current times many banks have gone under, but individuals
with more than one hundred thousand dollars are in a problem because they're only insured
for one hundred thousand dollars of coverage. It's a warranty program that'll allow individuals
to protect their money to that level, FDIC. This is financial advisor, Patrick Munro.