Reason no. 2: Your dollars are not FDIC-insured
All of your hard-earned dollars are insured by the Federal Deposit Insurance Corp. when you deposit them at a bank that is actually backed by the same agency. The Federal Deposit Insurance Corporation is a federal agency that insures deposits for more than $250,000.
In other words, if you prefer keeping your cash under your mattress, you can say bye-bye to that protection. Not only having your dollars FDIC-insured means they are protected against theft but also against bank failure.
Just keep in mind that not all banks are insured by the Federal Deposit Insurance Corporation and that the federal agency doesn’t insure share accounts when it comes to credit unions.
