The Ultimate Federal Deposit Insurance Corporation Quiz

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

The FDIC insures deposit holders of FDIC insurance banks.

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

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

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

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

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

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

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

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

A five member board overseas the FDIC.

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

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.

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

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.

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

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

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

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

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