BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$25, 000
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$100, 000
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$250, 000
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$500, 000
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Detailed explanation-1: -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-2: -Open accounts with different ownership categories Since the FDIC limit is $250, 000, $50, 000 of your money isn’t insured because you are the only depositor. One way to insure all of your money is to open accounts with different ownership categories.
Detailed explanation-3: -FDIC insurance limits cap at $250, 000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings accounts. Some items that are not FDIC-insured include mutual funds, safety deposit box contents, annuities, and others.