When it comes to choosing where to put your money, you want to make sure that the institution is reliable and secure. One of the ways people can gauge this is by asking whether or not the financial institution offers FDIC insurance. Voya Financial, a provider of retirement planning and other services, offers a range of products and services that are intended to help customers achieve their financial goals. But what about FDIC insurance? Is Voya Financial insured under the Federal Deposit Insurance Corporation (FDIC)? This blog post will answer this question and more, detailing what you need to know about Voya Financial’s FDIC insurance status.
What is Voya?
Voya is a financial services company headquartered in New York City. The company offers a wide range of financial products and services to individuals, businesses, and institutional investors. Voya’s primary business segments include Retirement, Investment Management, and Insurance.
Voya was founded in 1868 as the Equitable Life Assurance Society. The company was one of the first life insurance companies in the United States and was known for its innovative products and customer service. In 2013, Voya was spun off from ING Group (now known as NN Group), and it became an independent publicly traded company.
Today, Voya is a Fortune 500 company with over $500 billion in assets under management. The company serves more than 13 million customers and has over 7,000 employees. Voya is committed to helping people achieve their financial goals and preparing for retirement with dignity and security.
What is FDIC insurance?
The Federal Deposit Insurance Corporation is a U.S. government corporation that provides deposit insurance to depositors in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government.
FDIC insurance protects deposits in banks and savings associations from loss due to bank failure. FDIC deposit insurance covers the following types of accounts:
-Checking and savings accounts
-Money market deposit accounts
-Certificates of deposit (CDs)
-Cashier’s checks, money orders, and other official checks
-Treasury bills, bonds, and notes held in custodial accounts at insured banks or savings associations
Does Voya have FDIC insurance?
Yes, Voya is FDIC insured. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government.
Voya Bank, N.A. has been a Member of the FDIC since 1934 and our deposits are insured up to $250,000 per depositor.
How does FDIC insurance work?
FDIC insurance protects depositors from the loss of their insured deposits in the event that a bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
The FDIC insures deposits up to $250,000 per depositor, per bank, for joint accounts and certain retirement accounts. If you have more than $250,000 at one bank, you may still be fully insured if the funds are in different account ownership categories.
If a bank fails, the FDIC will reimburse depositors for their insured deposits within days. The maximum amount of Insured Deposit coverage is $250,000 per depositor, per bank. This includes principal and any accrued interest through the date of closure.
What are the benefits of having FDIC insurance?
The Federal Deposit Insurance Corporation (FDIC) is a federal agency that protects depositors in the event of a bank failure. Depositors are insured up to $250,000 per account. The FDIC does not insure investment accounts, such as those held at Voya.
The benefits of having FDIC insurance are peace of mind and protection in the event of a bank failure. Your deposits are safe and you will not lose any money if your bank fails.
If you are looking for an investment account that is FDIC insured, Voya is not the right choice for you. However, if you are looking for a safe place to keep your money, Voya is a good option.
Are there any drawbacks to FDIC insurance?
Yes, there are some potential drawbacks to having your bank account insured by the FDIC. First, if you have a large amount of money in your account, you may be charged a higher insurance premium than someone with a smaller account. Additionally, if the FDIC needs to pay out on a claim, it could take several weeks or longer for you to receive your money.
Conclusion
In conclusion, Voya is FDIC-insured as long as it meets the criteria outlined by the Federal Deposit Insurance Corporation. Although there are many factors to consider when deciding on a financial institution, knowing that your money is safe and secure should be at the top of your list. With Voya’s FDIC-insurance backing up its accounts, you can rest assured that your deposits are safe and sound.
