Elijah is concerned that his bank is making poor financial decisions and worries that his $1,200 deposited in savings will be lost if the bank were to fail. As long as his bank meets the necessary requirements, which of the following protects Elijah against this potential loss?(1 point)
Responses
Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
fractional-reserve banking
fractional-reserve banking
Glass-Steagall
Glass-Steagall
Home Owners' Loan Act
Home Owners' Loan Act
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1 answer
Federal Deposit Insurance Corporation is the correct answer. This organization insures deposits of up to $250,000 per depositor per bank. This means that in the event of a bank failure, Elijah's $1,200 deposit would be protected up to the insurance limit.