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A person wishs to open a 5 year cd. are banks like everbank,

state farm bank and discover...
a person wishs to open a 5 year cd. are banks like everbank, state farm bank and discover bank legit banks? is the money safe there? should one be uneasy of banks with no storefronts? is there documentation one needs to prove the fdic coverage? what about pentagon federal credit union, is this a legit bank? it states 5 year cd pays 2.28 would you trust them with a jumbo cd?
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1/22/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane.

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Yes, Everbank, State Farm bank, Discover bank (and the plethora of banks owned by brokerage firms (scottrade, schwab, TDAmeritrade, etc) are all FDIC insured.

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To determine your deposit insurance coverage or ask any other specific deposit insurance questions, call: 1-877-ASK-FDIC

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And although credit unions aren't covered by FDIC, your 'shares' are insured in a similar way to the way bank deposits are insured by the FDIC.

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Federal Deposit Insurance Corp. only insures deposits in banks and savings and loan associations. Federal credit unions have their own insurance fund, which is run by the National Credit Union Administration, of NCUA.

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When you join a credit union, you don't really make a "deposit." Instead, you become a "member" of the credit union and the dollars you put in are called "shares." If your credit union is insured by the National Credit Union Insurance Fund, or NCUSIF, your shares are insured in a similar way to the way bank deposits are insured by the FDIC.

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And yes, I would the Pentagon Federal Credit union, and any other Federal Credit Union. All federal credit unions are insured by the NCUSIF.

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State-chartered credit unions may be insured by the NCUSIF, or might have their own state insurance or private insurance.

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All credit unions insured by the NCUSIF are required to display the official NCUA insurance sign.

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Here's where you can find out more about how FDIC works;

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https://www.fdic.gov/deposit/

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and here's where you can find out more about NCUA:

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https://www.ncua.gov/Pages/default.aspx

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Thanks,

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Customer reply replied 1 year ago
34;If your credit union is insured by the National Credit Union Insurance Fund, or NCUSIF, your shares are insured in a similar way to the way bank deposits are insured by the FDIC." does that mean your shares are insured to only a value of 250k?is one share equal to one dollar?

The standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category. The $250,000 standard share insurance account became permanent through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

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The NCUA Electronic Share Insurance Estimator is available to help members better understand the protection offered by the NCUSIF. This interactive site allows users to input data to compute the amount of NCUSIF coverage available under different account scenarios.

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This resource is available at MyCreditUnion.gov/estimator

Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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