When considering a potential new or existing customer of Alliant Credit Union, you should consider the following: FDIC protection.
This kind of coverage is fairly standard among banks and savings institutions, but it’s still not a given, which means you should check first to see if they are insuring your money or not.
To help you understand why this is important, we’ll take a look at how FDIC stands for Federal Deposit Insurance Corporation and what it does for consumers and the financial industry in general.
What is FDIC?
The Federal Deposit Insurance Corporation (FDIC) is a government insurance program that protects you from losing your bank account. It helps ensure that you can get back your money in the event of bank failure.
The FDIC has maintained a strong reputation for honesty, integrity and competence in its more than 80 years of existence. It has never been accused of any wrongdoing related to its actions since its inception and is considered to be one of the world’s best-run financial institutions.
FDIC insurance covers up to $250,000 per banking institution per depositor.
For example, if you have two bank accounts with $50,000 deposits between them and both are insured by FDIC insurance, your coverage would be calculated at $250,000 x 2 = $500,000 ($250K per account).
What happens when a bank fails that is not insured by the FDIC?
When a bank fails, the FDIC will step in and take over. But what happens when a bank fails that is not insured by the FDIC?
If a bank fails that is not insured by the FDIC, it means that depositors have lost their money and will not be able to get it back. If a bank does not have enough assets to pay its obligations and liabilities, then it must close its doors.
Some types of individual retirement accounts (IRAs) and other retirement plans are not insured by the FDIC either.
Is Alliant credit union FDIC Insured?
Alliant Credit Union is not FDIC insured. That means that your money is at risk because it is held in a bank that does not guarantee it.
Alliant Credit Union is a credit union, which means its members are its only shareholders. The credit union does not have to pay taxes or dividends on the money it makes because it is the members who own the credit union.
The Alliant Credit Union has no shareholders, so if there were any problems with their business, they would go bankrupt and have to close down.
How do I know if my bank is FDIC insured?
You can find out whether or not your bank is insured by the Federal Deposit Insurance Corporation (FDIC) at any time by visiting the FDIC’s website. You can also check your own bank’s status by contacting your local branch.
If you do not know if your bank is insured, look on the back of your checkbook for a sticker that says “Federal Deposit Insurance Corporation”.
If you find it, then the bank is insured. If you don’t see this sticker on your checkbook, or if you want to double-check with the bank itself, contact them directly and ask them if they are insured.
Is my investment covered by the FDIC?
FIDC does not cover brokerage accounts, stocks or bonds, money markets or U.S. Savings Bonds.
The FDIC insurance covers all balances inside of a bank’s deposit account, including the amount of interest credited to the account during the period covered by the insurance policy.
The FDIC also protects amounts invested in certificates of deposit (CDs) issued by banks participating in the Federal Deposit Insurance Corporation (FDIC) deposit insurance program.