Investopedia

Public Unit Account

Dictionary Says

Definition of 'Public Unit Account'

An account that holds funds provided by the United States government and its agencies. Public unit accounts include deposit accounts of the United States, including federal agencies; any state, county, municipality or a political subdivision thereof; the District of Columbia, Puerto Rico and other government territories; and accounts owned by an Indian tribe. Also known as a government account.
Investopedia Says

Investopedia explains 'Public Unit Account'

Insurance coverage of a public unit account under the Federal Deposit Insurance Corporation (FDIC) extends to the official custodian of the deposits belonging to the public unit, rather than to the public unit itself. Each official custodian of deposits in an insured depository institution located in the same state as the public unit, is insured up to $250,000 as of 2011 for time and savings deposits, and up to $250,000 for demand deposits as of 2011. This is a unique feature of FDIC insurance coverage as applicable to public unit accounts.

Articles Of Interest

  1. The Benefits And Pitfalls Of Joint Tenancy

    This arrangement allows beneficiaries to access your account without having to go to court.
  2. Are My Investments Insured Against Loss?

    Money invested in a brokerage account has some protection, but that doesn't mean you can't lose it.
  3. Are Your Bank Deposits Insured?

    Learn how the FDIC is helping to keep your money in your pockets.
  4. Demystification Of Bank Accounts

    Find out which type of account suits your specific needs.
  5. Who Backs Up The FDIC?

    The FDIC insures depositors against loss, but what happens if it runs out of money?
  6. 4 Traits Banks Look For In New Staff

    Trust is the number one trait that banks are looking for in new hires, but there are other abilities that are equally desired.
  7. A Day In The Life Of A Day Trader

    Day trading has many advantages and, while we often hear about these perks, it's important to realize that day trading is hard work.
  8. Financial Designations That Employers Require

    We break down the designations that are important to have if you want to work in the financial sector.
  9. Designations For The Buy Side

    For those interested in picking securities and financial planning, these certifications could be just what your buy-side financial career needs.
  10. Making It Big On Wall Street

    Read about some of the most glamorous Wall Street jobs and what it takes to land one.
comments powered by Disqus
Marketplace
Hot Definitions
  1. Abatement Cost

    A cost borne by many businesses for the removal and/or reduction of an undesirable item that they have created.
  2. Validation Period

    The amount of time necessary for the premium on an insurance policy to cover the commissions, the cost of investigation, medical exams and other expenses associated with the issuance of the policy.
  3. Winner's Curse

    Because of incomplete information, emotions or any other number of factors regarding the item being auctioned, bidders can have a difficult time determining the item's intrinsic value. As a result, the largest overestimation of an item's value ends up winning the auction.
  4. Glocalization

    A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market.
  5. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.
  6. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.
Trading Center