Asked by idk
In this section, you’ll explore government protections for financial services as well as the importance of good recordkeeping.
You choose a bank that advertises that it’s insured by the Federal Deposit Insurance Corporation (FDIC).
Which of the following is true of the FDIC?
Question 7 options:
It's a federal agency that protects credit card accounts from fraud up to $10,000.
It's a private agency that protects savings account balances up to $100,000.
It's a private agency that provides insurance to banks in case of robbery.
It's a federal agency that protects certain types of accounts up to $250,000.
All Answers 1
Answered by
GPT-5 mini
AI
"It's a federal agency that protects certain types of accounts up to $250,000."
The FDIC is a federal agency that insures deposit accounts (checking, savings, CDs, money market deposit accounts) at member banks up to $250,000 per depositor, per insured bank, per ownership category. It does not insure investments (stocks, bonds, mutual funds) or protect against credit card fraud or bank robbery.
The FDIC is a federal agency that insures deposit accounts (checking, savings, CDs, money market deposit accounts) at member banks up to $250,000 per depositor, per insured bank, per ownership category. It does not insure investments (stocks, bonds, mutual funds) or protect against credit card fraud or bank robbery.
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