FDIC Deposit Insurance - Banks and Thrifts NCUA Share Insurance - Credit Unions Types of Deposits Demand Deposits FRB definition - 12 CFR Part 204, Section 204.2(b)(1) FDIC definition - 12 CFR Part 329, Section 329.1(b) The taking of demand deposits is one of the key indicia of being a bank Time Deposits A deposit [more...]
Summary and Items of Current Interest Uniform Commercial Code UCC Article 4 Federal Regulations and Guidance The law of bank deposits and collections is divided into two distinct areas Federal regulation of the deposit products that a financial institution may offer to its customers State legislation governing the relationships [more...]
Summary and Statutes FDIC insurance covers all types of deposits received at an insured bank or thrift, including deposits in checking, NOW, and savings accounts, money market deposit accounts, and time deposits such as certificates of deposit CDs . FDIC deposit insurance covers the balance of each depositors account, [more...]
Frequently Asked Questions About FDIC Deposit Insurance General Questions How can a depositor tell whether a bank is insured? Insured banks must display an official sign at each teller window or station where deposits are regularly received. To find out whether a particular bank or savings association has FDIC insurance coverage, [more...]
Summary and Statute The shares in credit unions are insured by the National Credit Union Share Insurance Fund NCUSIF , an arm of NCUA Established by Congress in 1970 to insure member share accounts at federally insured credit unions NCUSIF is managed by NCUA under the direction of the three-person NCUA Board Credit union share insurance [more...]
Frequently Asked Questions About NCUA Share Insurance What is a NCUSIF-insured financial institution? Congress established the NCUSIF in 1970 to insure member share accounts at all federally chartered credit unions and most state chartered credit unions. NCUSIF insurance is similar to the deposit insurance protection offered by [more...]