Money in the bank is protected by a special insurance program
Source: Tax Credits |
For this reason, the bulk of the average person’s financial assets rest with his local bank or credit union. With direct deposit of paychecks and a debit card, there is almost no need for people to carry cash at all.
The sense of security that exists when people know their money is in the bank has rarely been questioned or even considered for decades. This is because government systems are in place to protect and insure money held with such financial institutions.