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Not true. They are FDIC-insured if the financial institution belongs to the FDIC, as most or perhaps all do nowadays, regardless of whether they are federally-chartered or state-chartered.
You need some history of money-market accounts, I think they were first offered by S&Ls in the 1970's or 1980's, and then later with US financial de-regulation all securities companies were allowed to offer these accounts. 199.106.103.249 (talk) 17:19, 30 September 2011 (UTC)[reply]