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I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand.

It's time for some money rehab. You've probably heard at the end of the ads for this podcast a message like Robin Hood Financial LLC member CIPIC.

Have you ever wondered what the heck it means to be a member of Sippick?

Like, is it a club? Is it a new Soho house? It's definitely not a cool membership that you're

missing out on, but it is a club that you definitely want your

brokerage to be in. CIPIC is a kind of insurance and in order to understand it it's first helpful to understand

FDIC insurance which I'm sure you've heard of, but just in case, here's the scoop.

FDIC stands for Federal Deposit Insurance Corporation.

The FDIC issues a type of insurance paid for by banks that protects up to a limit, any checking accounts, savings accounts, money market accounts, and CDs that are held at that bank in the event of a bank failure. It even protects money orders and cashier's checks if the bank fails.

It will protect each individual for 250K per account category. Now, FDIC coverage does not protect you from fraud or

human error. It only goes into effect if the bank fails which is a very rare thing

...