In today’s increasingly unstable economic climate, ensuring your money safety is more important than anything. One way to do this is to deposit your money into an FDIC-insured account. The FDIC insures deposits in banks and savings associations in the event of their failure. This means that if your bank or savings association collapses, you will not lose your deposited funds. Zil offers FDIC-insured checking accounts through Evolve Bank & Trust, a member of the FDIC. With Zil’s internet banking service, you can easily and securely access your account information online.
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is a federal government agency that provides insurance for deposits in banks and savings associations. If an FDIC-insured bank or savings association collapses, the FDIC guarantees that depositors will not lose their money. This insurance protection is available to all types of deposit accounts, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit.
Most banks in the United States are FDIC-insured, meaning the government protects your deposits if the bank fails. This includes both physical and online banks. When you open an account with an FDIC-insured bank, you automatically have coverage up to a certain amount. The level of protection is the same whether you bank with a physical institution or an online one. Overall, banking with an FDIC-insured online bank can offer many advantages. However, it is important to do your research to ensure you choose an institution that meets your needs.
What Is FDIC Insured Checking Account?
An FDIC-insured checking account is essentially one that the Federal Deposit Insurance Corporation insures. While many people believe that all checking accounts are FDIC-insured, this is not always the case. In order to be protected by the FDIC, a checking account must meet certain criteria. First and foremost, the account must be at a bank that is FDIC-insured. The account must also be within the FDIC insurance limit.
The maximum amount that can be covered for each depositor, each FDIC-insured bank, and each ownership type is currently $250,000. This limit applies to the total of all deposits held in the same capacity at all FDIC-insured banks. When choosing a checking account, it is important to be aware of these coverage limits. Otherwise, you may find yourself without protection in the event of a bank failure.
Benefits Of Online Checking Account for Businesses
Checking accounts is a crucial part of running a business, yet they can be quite expensive and time-consuming. Online checking accounts offer a convenient and affordable alternative that saves time and money. With an online account, you can quickly and easily transfer funds between your business and personal accounts, pay bills, and monitor your spending.
Additionally, online checking accounts often offer features such as mobile check deposits and paperless statements, which can further streamline your accounting process. If you open a checking account with Zil, you can access all these features and more.
Why Should You Open a Checking Account with Zil?
Zil is a comprehensive online banking platform that offers a wide range of features and services to meet the needs of its customers. In addition to a free FDIC-insured checking account, Zil provides an all-in-one platform that can help you to meet all your online banking needs and help you earn money. Zil online banking provides instant money transfers between Zil accounts, and you can also do ACH and Wire transfers at a lower cost.
Zil also offers a line of expense cards designed to help businesses control and manage employee costs. The cards can be customized to specific expenses, such as shopping and gas, and can be used for both personal and business purposes. Additionally, Zil offers check drafting, eCheck, and check by mail services. These services allow businesses to draft checks electronically or by mail, which can save time and money. Finally, the company also offers a variety of other financial products and services, including debit cards.
Zil is a perfect choice if you are looking for a reliable online bank that offers FDIC insurance on your deposited funds. With our easy-to-use internet banking service, you can access your account information from anywhere at any time. So why wait? Sign up today and experience the convenience of online banking with Zil.