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The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( FIRREA ), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
A direct deposit to checking is best if you use the money for everyday purchases. However, if you want to save the money to work toward a financial goal, consider depositing it into savings instead.