Answer:
True
Step-by-step explanation:
- The federal Deposit Insurance Corporation (FDIC) is an agency of the government that has the duty of protecting consumers and the entire American financial system
- Among its functions is, deposit insurance, this, helps consumers of bank services to avoid loses in the event that a bank fails.
- Banks are in business with the consumer deposits, this is where they obtain the interest they add on a consumers deposits. Being a business, it might therefore fail. In case of this, the FDIC steps in to the aid of the consumer, to pay the amount the bank owes them.