Scammers often say that P2P payments are protected by the Folc (Federal Deposit Insurance Corporation) or NCUA (Natlonal Credit Unlon Assoclation). My is this wrong? The FDIC/NCUA only protects money when it is more than 250,000 C The FDIC/NCUA only protects money that is being held in a financial institution's accounts, not when it is transferred. The FDIC/NCUA only protects money when it is being transferred between people. The FDIC/NCUA only protects the recipient and not the sender, so they are protected but you are not when you send money.

The correct answer is:<br /><br />The FDIC/NCUA only protects money that is being held in a financial institution's accounts, not when it is transferred.<br /><br />Explanation:<br />The FDIC (Federal Deposit Insurance Corporation) and NCUA (National Credit Union Administration) provide deposit insurance, which protects the funds in a depositor's account up to a certain limit (currently $250,000 per depositor, per insured bank, for each account ownership category). This protection applies to funds held in checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs) at insured banks and credit unions. However, this protection does not extend to funds that are transferred between individuals through P2P payment platforms or other means. Therefore, the statement that the FDIC/NCUA protects money during P2P transactions is incorrect.