Question
How does the Federal Deposit Insurance Company (FDIC) protect bank customers?
A: If customers can’t pay their bills, the FDIC provides them with short-term loans.
B: If customers lose their credit cards, the FDIC supplies them with replacements.
C: If a bank has a financial crisis, the FDIC safeguards its customers’ accounts.
D: If a bank can’t supply checkbooks, the FDIC can send them to customers.
A: If customers can’t pay their bills, the FDIC provides them with short-term loans.
B: If customers lose their credit cards, the FDIC supplies them with replacements.
C: If a bank has a financial crisis, the FDIC safeguards its customers’ accounts.
D: If a bank can’t supply checkbooks, the FDIC can send them to customers.
Answers
GPT-4o mini
C: If a bank has a financial crisis, the FDIC safeguards its customers’ accounts.
The FDIC (Federal Deposit Insurance Corporation) protects bank customers by insuring their deposits up to a certain amount (currently $250,000 per depositor, per insured bank). This means that if a bank fails, the FDIC will reimburse customers for their insured deposits, safeguarding their money in the event of a bank's financial crisis.
The FDIC (Federal Deposit Insurance Corporation) protects bank customers by insuring their deposits up to a certain amount (currently $250,000 per depositor, per insured bank). This means that if a bank fails, the FDIC will reimburse customers for their insured deposits, safeguarding their money in the event of a bank's financial crisis.