Most banks and savings institutions are federally insured. The Federal Deposit Insurance Corporation (FDIC) protects bank and savings association depositors up to $100,000 at each institution. FDIC-insured institutions must display an official sign at each teller window or teller station. You can also verify whether an institution is FDIC-insured by searching insured banks on the FDIC's website or calling the FDIC's Division of Compliance and Consumer Affairs (DCA) toll-free at 800-934-3342. It is recommended that you always open an account in a federally insured bank to ensure the safety of your deposits.
Money Market Account requires a very high minimum balance to be present as it offers you a high rate of interests. This account invests the money in government and large corporate securities. The frequent withdrawals are not as easy as checking accounts. Usually the number of withdrawals is restricted to six or even less. Money market accounts will allows you to write up to three checks each month. This type of account is useful for those people who want to earn more interest or who want to keep their money as liquid.
This account is helpful to store your saving for a long time. The number of withdrawals is restricted to few transactions per month and is not helpful for frequent use like checking account. The banking also pays you monthly interest for having certain amount of money in your account. The rate of interest is however less than rate offered by money market account and is usually between 0.5% and 2 %. You will not gain much from this type of account especially if you have kept your money for a long period. Some banks also allow you to link your checking and savings account to avoid paying an overdraft fee.
Money can be accessed through an ATM (Automatic Teller Machine) or by going to the bank in person. Most of the banks provide you ATM-come-debit card with the help of which you can check your balance, withdraw your money, Some banks also allow you check your balance, transfer money from one account to another online through internet banking.
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