Public Unit Account

AAA

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 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.


RELATED TERMS
  1. FDIC Insured Account

    An account that meets the requirements to be covered or insured ...
  2. Account Statement

    A periodic summary of account activity with a beginning date ...
  3. Government Purchases

    Expenditures made in the private sector by all levels of government, ...
  4. Federal Deposit Insurance Corporation ...

    The U.S. corporation insuring deposits in the U.S. against bank ...
  5. Canadian Deposit Insurance Corporation ...

    A crown corporation owned by the Canadian government that insures ...
  6. Associate In Reinsurance (ARe)

    A designation earned by insurance professionals looking for reinsurance ...
RELATED FAQS
  1. No results found.
Related Articles
  1. Savings

    Are Your Bank Deposits Insured?

    Learn how the FDIC is helping to keep your money in your pockets.
  2. Personal Finance

    The Benefits And Pitfalls Of Joint Tenancy

    This arrangement allows beneficiaries to access your account without having to go to court.
  3. Home & Auto

    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.
  4. Options & Futures

    Demystification Of Bank Accounts

    Find out which type of account suits your specific needs.
  5. Options & Futures

    Who Backs Up The FDIC?

    The FDIC insures depositors against loss, but what happens if it runs out of money?
  6. Investing

    What's a Debit Note?

    A debit note is a document used by a seller to inform a purchaser of a dollar amount owed. As the name indicates, it is a note from the seller that a debit has been made to the purchaser’s account. ...
  7. Investing

    What's Capitalization?

    Capitalization has different meanings depending on the context.
  8. Fundamental Analysis

    The Best 5 Online Accounting Systems For Small Business

    Running a small business can be difficult, but thanks to these online accounting services, taking care of payroll doesn't have to be.
  9. Credit & Loans

    How To Become a Mortgage-Backed Securities Analyst

    Specializing in structured or derivative credit products like mortgage-backed securities requires education and prior experience in the mortgage field.
  10. Investing

    What is Asset Management?

    In the investment world, asset management refers to active management of an investor’s portfolio by a financial services company – usually an investment bank.

You May Also Like

Hot Definitions
  1. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  2. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  3. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  4. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  5. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
  6. Law Of Supply

    A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity ...
Trading Center