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 ?
DDM is a daily, multi-million dollar FDIC sweep program that works similarly to a money market fund sweep, except investor cash is swept daily into FDIC insured accounts.
The FDIC is required to provide depositors with access to their insured accounts as soon as possible after an institution fails.
Number of referrals and leads gathered from networking activities and those connected to currently insured accounts.
Whether a goods seller or service provider has coverage for its unpaid, insured accounts receivable under a policy will depend on the policy language and defined terms.
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.
You retain full access to your insured accounts through the new financial institution that has agreed to acquire the failed bank's assets.
According to the grant criteria, organizations receiving funds must provide financial education training, assist individuals in opening insured accounts, develop low--or no-cost products and services, and serve as a replicable model to other communities without the need for ongoing public subsidies.
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.
The Treasury Department has encountered a great deal of Congressional resistance to its proposal to limit the number of $100,000 insured accounts each person can have at one bank.