Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Get immediate answers to your questions from a wide network of experienced professionals on our Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
The Federal Deposit Insurance Corporation or (FDIC) insures customer deposits in banks up to $250,000 if a bank fails. This provision was put into place to insure confidence in the banking system and to prevent runs on banks in the event that a bank is suspected of failing.
Answer:
The Federal Deposit Insurance Corporation (FDIC) insures customer deposits if a bank fails.
Explanation:
The Federal Deposit Insurance Corporation is a federal agency formed as a result of the Great Depression. This agency was created after the approval of the Glass-Steagall Act (1933), and its mission is to guarantee the recovery of depositors' money if a bank goes bankrupt. The FDIC provides money when financial institutions fail, inspiring confidence in banks and customers.
The agency guarantees deposits of up to $ 250,000 in member commercial banks, helping to maintain the solvency of the United States financial system.
Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.