Watch your Wallet with Alan Akina - 5 Things to know before opening an online savings account

5 Dec 2013 · 1 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube video titled "Watch your Wallet with Alan Akina - 5 Things to know before opening an online savings account" (created 2013-12-05). It is a short Wake Up Today segment in which a host introduces the topic and Alan Akina describes what the FDIC is, its origin (1933/1934), the $250,000 deposit insurance limit, what types of accounts are insured (deposits) versus not insured (securities, mutual funds), how the FDIC is funded, and reassurance that insured depositors have not lost insured funds since inception.

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We've all seen or heard of the FDIC, but what is it and what do they do? Alan Akina shows us why those 4 letters are so important.
Good morning, gang. Have you heard of the term FDIC insured? Well, I bet most of you have, but how much do you really know about the FDIC? So I did some research and I found the most important things that you need to know. First, the FDIC stands for Federal Deposit Insurance Corporation, was started in 1933 as an independent agency of the federal government in response to thousands of bank failures in the 1920s and '30s. Now, the main goal of the FDIC is to promote public confidence in the U.S. financial system by insuring your deposits in banks and thrift institutions for at least $250,000. It's important to know that since its inception on January 1st, 1934, no depositor has lost a single cent of insured funds as a result of a bank failure. Now, the FDIC only insures deposits and securities, mutual funds, or similar types of investments. The FDIC is funded by the premium payments made to them from banks and thrift institutions for deposit insurance. The bottom line, folks, it's good to have your money at an FDIC-insured bank. For Wake Up Today, I'm Alan Akina. See you on Wednesday.