AboutShane Expertise Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations American Association of Medical Assistants
Education/Credentials High School Graduate and Medical Assisting Diploma
Awards and Honors Significantly exceeds expectations annual review from the bank I presently work at
Question QUESTION: ok i heard something about money fund but i'm not sure what it is
and i have idle cash
i'm 17 and i have a few thousand dollars of idle cash, i want to put it into something that'll make more money but isn't too much of a risk
i mean like i'm young, it can grow little at a time.
i think i've heard of this type of bank account at certain banks that uses your money to loan to business or government and you get higher interest rate but you can't take your money out for a long time?
can you give me some suggestions on what i can do with idle money to make it grow?
ANSWER: money funds are completely safe they are called money market accounts and they function as regular savings accounts. cds wouldnt be a bad idea those are all fdic insured
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QUESTION: can you break it down for me? sorry i'm very new to this.
what is cds and fdic?
and what bank should i go for? what do i say to them that i want?
and anything i should watch out for? con's and pro's?
Answer cds are time deposits so if you put it in for 10 months for example if you needed to withdraw before that there would be a small penalty. if you need your funds available at all times the money fund is the way to go. fdic is the government insurance that protects your money in the event the bank were to go out of business or something
