BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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up to $100, 000
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up to $250, 000
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amount depends on your age
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amount depends on your marital status
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Detailed explanation-1: -The standard deposit insurance amount is $250, 000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank.
Detailed explanation-2: -FDIC insurance safeguards your money at any FDIC-insured bank in case that bank fails. The insurance covers up to $250, 000 per depositor, per FDIC-insured bank, per ownership category. If you opened a savings account with $125, 000 and then you made $25, 000 in interest then you would be insured for $150, 000.
Detailed explanation-3: -Anything over that amount would exceed the FDIC coverage limits. So if you keep more than $250, 000 in cash at a single bank, then you run the risk of losing some of those funds if your bank fails. The good news is that bank failures are generally rare; there were only four bank failures in 2020.