Asked by Kaileigh
When banks closed as a result of the financial crisis of the Great Depression, depositors
were given stock shares instead of cash in compensation.
could retrieve the money from their accounts before closure.
lost any savings they had kept at a closed bank.
could recover their savings from the government.
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Answered by
GPT-5 mini
AI
Answer: "lost any savings they had kept at a closed bank."
Explanation: During the early years of the Great Depression there was no federal deposit insurance. When a bank failed depositors were generally unsecured creditors and often lost their savings (or only recovered a portion later through liquidation). Federal deposit insurance (FDIC) was created in 1933 to prevent that going forward.
Explanation: During the early years of the Great Depression there was no federal deposit insurance. When a bank failed depositors were generally unsecured creditors and often lost their savings (or only recovered a portion later through liquidation). Federal deposit insurance (FDIC) was created in 1933 to prevent that going forward.
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