I believed that my deposit money is insured up to $250,000 by FDIC/NCUA because it is a legal banking requirement.
What is the banking requirement?
The insurance of deposit is necessary to prevent to banks from huge liability incase they lose their customer's deposit because of theft, fraud etc
In conclusion, I believed that my deposit money is insured up to $250,000 by FDIC/NCUA because it is a legal banking requirement.
Read more about FDIC
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