The Ultimate Federal Deposit Insurance Corporation Quiz

By: Staff

4 Min Quiz

What does FDIC stand for?

The often-seen acronym stands for Federal Deposit Insurance Corporation.

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Who does the FDIC insure?

The FDIC insures deposit holders of FDIC insurance banks.

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Who funds the FDIC?

The FDIC is funded by the insurance premiums of FDIC member banks and investments made by the FDIC .

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What happened to U.S. banks during the depression?

Many banks failed, because they did not have enough cash to cover customer withdrawals.

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From 1929 to 1933, how much of consumers' bank deposits were lost?

The estimate is that $1.3 billion were lost. The losses were the ruin of many families.

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Which president signed the Banking Act of 1933?

President Franklin D. Roosevelt signed the Banking Act of 1933. This act created the FDIC.

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When the FDIC was originated, how much were bank accounts insured for?

Bank accounts were covered for up to $2,500 per depositor.

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The Federal Deposit Insurance Act of 1950 raised the FDIC insurance limits to how much?

Bank accounts coverage were raised to $10,000 per depositor.

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What year were the insurance limits raised to $100,000 per depositor?

The Depository Institutions Deregulation and Monetary Control Act of 1980 increased the insurance limits to $100,000.

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When was the U.S. Savings and Loan Crisis?

The early 1980s recession was another bad time for banks. There were many failures among saving and loan banks.

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Who overseas the FDIC?

A five member board overseas the FDIC.

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Who is responsible for policing the insured banks?

The Division of Supervision and Consumer Protection is one of seven divisions of the FDIC. This division acts to police FDIC insured banks.

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What happens if your bank fails and your account balance was more than the FDIC insurance coverage?

If there are funds available, after the failed bank has been liquidated, you may receive more than the coverage limits. Determine your FDIC coverage limits when setting up your bank accounts.

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If the FDIC coverage is $100,000 per depositor, what is the FDIC coverage for a joint account?

If the current limit is $100,000 per depositor, a joint account would be covered up to $200,000.

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What is a certificate of deposit?

A certificate of deposit is an interest earning account. CDs require you to deposit funds for a predetermined length of time. If you must withdraw before the time period end there will be a penalty.

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With a saving, your money is available anytime. Why would you buy a certificate of deposit and close your money?

Certificates of deposit usually pay a higher interest rate than a regular savings account.

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Are certificate of deposits insured by the FDIC?

CDs are insured with the same limits as regular savings account.

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Does the FDIC insure stock investments?

Not at all, there is no FDIC coverage for stock investments.

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When FDIC insured banks have failed, how many FDIC depositors have been unable to get reimbursed?

The FDIC has not failed any depositor of an FDIC-insured bank.

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If you have question about FDIC insurance limits, who can help you?

Your bank can answer FDIC questions or go to the FDIC website at FDIC.gov.

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About This Quiz

How do you know your bank is safe? The Federal Deposit Insurance Corporation guarantees your bank deposit up to the published limit, so you can sleep easy if your accounts are deposited at an FDIC-insured bank. Take this quiz and see how rich your FDIC knowledge is.

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