Asked by Elise Weidman on Jul 18, 2024
Verified
The Federal Deposit Insurance Corporation insures bank accounts up to a particular amount.This means that if the bank fails,the money is guaranteed by the government.
Federal Deposit Insurance Corporation
A U.S. government agency that insures deposits in banks and thrift institutions for at least $250,000 per depositor, per bank.
- Understand the concept of insurance on bank accounts by a government agency.
Verified Answer
JR
Johan RestrepoJul 21, 2024
Final Answer :
True
Explanation :
The Federal Deposit Insurance Corporation (FDIC) does insure bank accounts up to a certain amount, currently $250,000 per depositor per insured bank. If the bank were to fail, the FDIC would provide insurance coverage for the funds in the account, up to the specified limit.
Learning Objectives
- Understand the concept of insurance on bank accounts by a government agency.