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Members of banks are guaranteed protection for their money

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7y ago

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What ways does the FDIC protect citizens?

Members of banks are guaranteed protection for their money


What was created to protect your money in banks?

The FDIC


What is the government doing to protect citizens from the internet?

One way they have protected their citizens from the Internet is by declaring the Facebook 'LIKE' button ILLEGAL!


How does the FDIC protect non-banking stockholders?

The FDIC will cover your cash balance in your brokerage/investment account- but only if you signed up for an FDIC-insured cash account. If your cash balance is stored in a cash account as opposed to a money market account, the cash is stored in an account that counts as a savings account. This way, your cash balance can be insured by the FDIC while your invested amount is riding the stock market wave...


Are Laws which protect citizens from themselves are justified?

No wow way to go d bag


What is one way that governments can protect their citizens?

Members of banks are guaranteed protection for their money.


What does FDIC insurance offer?

FDIC is a Government organisation which offers citizens the assurance that at least $25,000 of their money which is saved in any insured bank is guaranteed to be returned to them in the event that the bank goes bankrupt.


What was enacted to protect people's savings?

The Federal Deposit Insurance Corporation(FDIC) in the 1930's


What provides deposit insurance which guarantees the safety of deposits in member banks?

In the United States, all banks are members of the FDIC - Federal Deposit Insurance Corporation. Each bank pays a certain amount into the FDIC's coffers for insurance of all deposits up to $100,000 by individual citizens. If the bank runs out of money, the FDIC pays back to the citizens the amount of money they had on deposit at the bank out of the money the banks have been paying into the FDIC. Until the Great Recession, the FDIC was 100% financially solvent; during the Recession there were enough banks that went under that FDIC needed a loan from the Treasury Department to cover repaying all deposits. This loan has since been paid back and the FDIC is standing on its own two feet again.


What happens to the FDIC if the government defaults?

If the government defaults, the FDIC (Federal Deposit Insurance Corporation) would likely face financial challenges as it is a government agency. The FDIC's ability to protect depositors' funds could be compromised, leading to potential instability in the banking system.


What act was enacted to protect peoples savings?

The Federal Deposit Insurance Corporation(FDIC) in the 1930's.


is there a phone number to see if me bank is FDIC insured Discover Bank?

Yes, you can simply call your local bank and ask them if they are fdic insured. Legally, they have to give you an honest response. Most bakns are FDIC insured by the way.