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Perhaps the most important difference between money market funds and money market accounts is that money market funds are not insured by the Federal Deposit Insurance Corporation, or FDIC, whereas ...
Does FDIC insurance cover money market funds? Money market mutual funds, which are invested in low-risk securities, aren’t FDIC-insured, even when you buy them from a bank.
The NCUA insures money market accounts through the National Credit Union Share Insurance Fund. Credit union members can receive up to $250,000 at NCUA-insured credit unions if they fail.
This month, SoFi Technologies, Inc. , Mercury, and Crescent launched deposit products that cover more than the standard $250,000 insurance guaranteed by the Federal Deposit Insurance Corp. (FDIC).
FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds". [11] [12] Deposits placed with non-bank fintech financial technology companies are not protected by the FDIC against failure of the fintech ...
Prior to the full repeal of the Glass–Steagall Act in 1999, traditional banks were prohibited from offering investment mutual funds to customers. Eager to increase their competitiveness with non-banks, traditional banks began experimenting with FDIC-insured products that would combine the safety of principal preservation with the growth of market-based returns.
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