Question

Today, the FDIC guarantees the money a person keeps in a bank account,

but only up to a certain amount. Look on the Internet to find out the largest amount of money a person can have insured.Explain your answer. In 3-5 sentences, explain your answer.

Answer 1

As of April 2023, the Federal Deposit Insurance Corporation (FDIC) insures deposits of up to $250,000 per depositor, per FDIC-insured bank. This means that if a person has multiple accounts at the same bank, such as a checking account and a savings account, each account is insured up to $250,000, but if the person has accounts at different FDIC-insured banks, the insurance coverage limit applies to each bank separately. This insurance is important as it helps to protect depositors in case their bank fails or goes bankrupt.

Step-by-step explanation: