What is FDIC Insurance?

FDIC (Federal Deposit Insurance Corporation) insurance is a protection provided to depositors in banks and savings institutions in the United States.

 It ensures that depositors will not lose their insured deposits up to the maximum coverage limit if a bank fails. 

This insurance typically applies to deposits in checking and savings accounts, certificates of deposit (CDs), and certain retirement accounts, offering a safety net for depositors and bolstering financial security and stability.

For Veem customers, FDIC insurance provides peace of mind, assuring you that your Wallet funds are protected even in the event of a bank failure.

Veem's banking services are provided by Citi and are FDIC-insured up to $250,000 USD.