Insured account

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Insured account

A bank or financial account that is insured for the benefit of the depositor, protecting against loss in the event that the savings institution becomes insolvent. See: FDIC.

Insured Account

A bank account on which some organization has placed a guarantee that funds will be available to the account holder. That is, if the bank becomes insolvent, insured accounts are safe and depositors will be able to access/retrieve their money, at least up to a certain amount. These accounts are almost always insured by government-sponsored organizations, such as the FDIC. Insured accounts exist in order to reduce pressures that might result in bank runs.
References in periodicals archive ?
Metals contained in these accounts are securely stored in insured accounts at International Depository Services of Canada (IDS).
The integration with the information system of XBC gave rise to the flexibility to send electronic payment information directly to the insured accounts, and get the money debited from there.
However, if a client has other personal funds on deposit in the same bank in insured accounts, the $250,000 limit applies to the combination of the client's personal and trust account deposits.
The service center equipped with the latest automation systems should support agency needs and provide up-to-the-minute information on insured accounts.
Presently, over 59 percent of all domestic deposit balances are in fully insured accounts, and 72 percent of deposits are insured.
The payout affects between 5,000 and 8,000 mostly elderly customers who moved their money from insured accounts to Great Western mutual funds, lawyers who filed the class-action suit charged.
As long as any institution can offer insured accounts and pursue risky activities," the National Commission on Financial Reform, Recovery, and Enforcement warned in 1993, "taxpayers could be vulnerable to some future set of 'unique' circumstances and events that could grow into another debacle.
So great was the demand for the insured accounts that the assets in money market funds shrank by more than a third.
The demographic characteristics of these account holders suggest that they are mainly older, retired citizens with most of their financial assets in insured accounts.
The answer is yes if you stick to federally insured accounts up to $100,000, including the interest income you are earning, and brace yourself for certain minor inconveniences.
When banks and savings institutions were not able to pay their depositors, insured accounts met the challenge.
Also, the consumer's money is always protected from merchant default in FDIC insured accounts.