About 40,000 residents call the town home. Lancaster is part of the 26th U.S. Congressional District, the 59th New York State Senate District, the 143rd New York State Assembly and the 5th and 8th Erie County Legislative Districts. A five member Town Board administers all Town business and is presided over by the Town Supervisor. More Information.
Originally Posted by LB. Paypal is not a bank, however Paypal's funds are held in FDIC insured banks. However, to my knowledge the limit is 100,000 per account insured and I'm guessing they have more than that in their accounts. So in short, the money is not directly FDIC insured.
In these rare cases, your money is protected as long as a bank is federally insured. That means backing by the Federal Deposit Insurance Corp. (Credit unions offer this security as well, through the National Credit Union Administration.) Hereâs a look at what the FDIC is, what it covers and how it guards your hard-earned money. The idea behind FDIC insurance. The FDIC was established in 1933 in response to the many bank failures during the Great Depression. It was meant to (and still does) promote public confidence in the banking system by insuring consumersâ deposits. In 2015, eight banks failed, but during the Great Recession, dozens went under. Still, since the creation of the FDIC, not one cent of insured deposits has been lost. Banks are not insured by default; like most forms of insurance, it comes at a cost. But you donât pay a monthly fee, nor do your tax dollars foot the bill. The bank pays the premiums. The FDIC insures up to $250,000 per depositor, per institution and per ownership category. FDIC insurance covers deposit accounts â checking, savings and money market accounts and certificates of deposit â and kicks in only in the event a bank fails.