11min chapter

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Online Banking vs Neobanks: Understand FDIC Safety and Protect Your Money

NerdWallet's Smart Money Podcast

CHAPTER

Understanding Neobanks vs. Traditional Online Banks

This chapter explores the key differences between neobanks and traditional online banks, focusing on banking licenses and the role of FDIC insurance. It warns consumers about potential risks associated with neobanks, especially regarding fund safety and bankruptcy implications. Listeners receive practical advice on verifying the FDIC status of financial institutions and the importance of scrutinizing website disclosures to ensure their funds are protected.

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