ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If the bank fails, your deposits are protected up to $250, 000.
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If you accidentally injure someone, they cannot claim any of the first $250, 000 of your bank deposits as compensation.
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Your deposits are guaranteed a certain rate of interest if you have at least $250, 000 in the bank.
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If you accidentally withdraw more money that you have in your account, you will not have to pay a penalty.
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Detailed explanation-1: -The FDIC protects the money depositors place in insured banks in the unlikely event of an insured-bank failure. Each depositor is insured to at least $250, 000 per insured bank. FDIC deposit insurance covers all types of deposits held at an insured bank.
Detailed explanation-2: -A: Deposit products include checking accounts, savings accounts, CDs and MMDAs and are insured by the FDIC.
Detailed explanation-3: -FDIC insurance covers traditional deposit accounts, and depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution.
Detailed explanation-4: -A: To determine if a bank is FDIC-insured, you can ask a bank representative, look for the FDIC sign at your bank, call the FDIC at 877-275-3342, or you can use the FDIC’s BankFind tool.