ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Allows you to withdraw your money at anytime
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Allows you to invest your money in a mutual fund and know that it is safe.
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In case of bank failure, you will not lose a dime of your insured deposits
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It insures that there will not be bank failures.
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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: -FDIC Deposit Insurance Since 1933, the FDIC seal has symbolized the safety and security of our nation’s financial institutions.
Detailed explanation-3: -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.
Detailed explanation-4: -Resolves failed banks: The FDIC is also the “receiver” of a failed bank, so it sells the bank’s assets and settles its debts, including claims for deposits in excess of the insured limit.
Detailed explanation-5: -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.