ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pays you interest in your checking account
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Protects your money should the bank be robbed
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Loan you money based on your credit score
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Takes your money and doesn’t give it back
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Detailed explanation-1: -Well, when you have certain types of accounts at banks insured by the FDIC, if the bank can’t afford to give you the money you’re supposed to have in your account, the FDIC will replace it. As a matter of fact, your account is secured to at least $250, 000 per depositor per insured bank.
Detailed explanation-2: -FDIC deposit insurance does not protect against losses due to theft or fraud, which are addressed by other laws. FDIC insurance does not protect against the default, insolvency, or bankruptcy of any non-bank entity, including crypto custodians, exchanges, brokers, wallet providers, and neobanks.
Detailed explanation-3: -The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails. Any person or entity can have FDIC insurance coverage in an insured bank. A person does not have to be a U.S. citizen or resident to have his or her deposits insured by the FDIC.
Detailed explanation-4: -The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.
Detailed explanation-5: -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.