Mary has a large sum of money to deposit, but since she has heard many stories from her grandmother about the Great Depression, when many banks lost their customers’ deposits, she is worried that the bank might not keep her money safe. Give Mary some recommendations about what she can do to make sure that her money stays protected.
Mary should use an FDIC-insured bank, keep deposits within the FDIC coverage limit per depositor and bank, and divide larger amounts among separately insured banks or ownership categories. She should confirm the bank’s insurance status and choose insured deposit accounts such as savings accounts or CDs.
If the FDIC charges Bank D 6.1 cents per 100 dollars insured, how much must Bank D pay to insure $7.3 million in deposits?
If the NCUA pays $1.36 billion to cover several failed credit unions, and doing so drains its reserve fund by 5.18%, approximately how much was in the fund to begin with?
If the FDIC has a $59.5 billion insurance fund and must use 5.6% of it to cover several failed banks, approximately how much money is left in the fund?
In 2007, the FDIC’s insurance limit was $100,000 per person per bank. At that time, if Kit had three separate $50,000 CDs at Bank R, a $60,000 checking account and a $140,000 money market account at Bank S, and an $80,000 savings account at Bank T, how much of Kit’s money was FDIC insured?
Which of the following is protected by the FDIC?
What kind of financial institutions does the Office of Thrift Supervision oversee?
In 2007, the FDIC’s insurance limit was $100,000 per person per bank. Approximately 59% of Mark’s deposits were insured by the FDIC. Which of the following is a possible setup for Mark’s deposits?
Which of the following government agencies regulates financial markets?
If the NCUA charges 3.3 cents per 100 dollars insured and Credit Union M pays $5,995 in NCUA insurance premiums, approximately how much is in Credit Union M’s insured deposits?
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