Let's take a closer look at banks.
Why put your money in a bank?
Banks are trusted businesses where people can safely keep their money. Because we're a bank, VCB offers you tools for managing your money, like checking and savings accounts — and many more products and services.
How can you do business with a bank?
What does it mean if a bank is Member FDIC?
The FDIC, or Federal Deposit Insurance Corporation, is part of the federal government. Part of its job is creating rules and regulations to make sure banks in all of the states are doing business fairly. One of the biggest jobs of the FDIC is insuring your money. If ever a bank doesn't have enough money to pay back the people it owes money to (like the bank's depositors) and is closed, the FDIC will make sure all of the depositors get their money, up to the insurance limit, which is $250,000 per ownership (name on the account).
What else can you do at a bank?
People can also borrow money from a bank to help buy high-priced things like cars, houses or a college education. When you borrow money from a bank, you pay the money back over time. And you pay interest to the bank for lending you the money.
