Which of the following insures checking accounts at both a bank and a credit union? (you must choose more than one) HINT:there are two correct answers

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	NCUA
B	FDIC
C	FTIC
D	NAACP

Explanation:

Detailed explanation-1: -The Federal Deposit Insurance Corporation (FDIC) protects consumers against loss if their bank or thrift institution fails. Not all institutions are insured by the FDIC. Eligible bank accounts are insured up to $250, 000 for principal and interest. The FDIC does not insure share accounts at credit unions.

Detailed explanation-2: -A: Deposit products include checking accounts, savings accounts, CDs and MMDAs and are insured by the FDIC.

Detailed explanation-3: -FDIC. Both the NCUA and FDIC are responsible for insuring funds in the event that a financial institution fails. The NCUA insures credit union accounts, while the FDIC provides federal insurance for bank accounts.

Detailed explanation-4: -About the FDIC The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system.

There is 1 question to complete.