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The effort was often in vain.
Together, they safeguard your assets more securely than even the biggest and heaviest vault ever could.
GOBankingRates spoke with an industry pro who outlined the most important ways thatbanks protect your money.
It restored her life savings of $1,250, which she lost when her bank failed.
She escaped financial ruin and destitution thanks to the 1933 Emergency Banking Act, which FDR signed into law.
Ninety years later, the security of FDIC insurance remains the most ironclad protection in the American monetary system.
With virtually no exceptions, the money you put in an FDIC-insured bank account is safe.
The same applies to nonprofit, member-owned financial institutions, although theyre insured by a different entity.
Banks and credit unions have guidelines and procedures in place to protect your assets from scammers, said Bogumil.
These methods include multi-step verification, encryption, firewalls, and fraud detection.
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