ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It insures banking customers’ accounts so that they don’t lose their money if the bank collapses.
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It insures the building that houses the bank against loss and damages.
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It insures the bank against theft.
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It insures the bank against lawsuits.
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Detailed explanation-1: -Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank-it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250, 000 per depositor, per insured bank, for each account ownership category.
Detailed explanation-2: -What is the FDIC? The FDIC-short for the Federal Deposit Insurance Corporation-is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails.
Detailed explanation-3: -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.
Detailed explanation-4: -What does FDIC do to ensure banks protect my deposits? The FDIC directly examines and supervises nearly 3, 500 financial institutions. Our examiners check for operational safety and soundness of more than half of the institutions in the U.S. banking system.