Regulation is one area where both types of checking accounts are alike. Oversight of traditional and online-only banks and credit unions rests with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), Federal Reserve System (FRS), National Credit Union Administration, and state regulators in all 50 states. Traditional and online-only bank accounts are also FDIC insured, though it’s up to you to verify the bank’s FDIC status.
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