Personal Finance & FDIC: Banking Safety, Deposit Insurance & Money
Protection
Banks - correct answer ✔✔are businesses that sell services such as checking accounts, saving
accounts, and loans
.
Depository institutions - correct answer ✔✔accept deposits for people and business to use in
the future
Commercial bank - correct answer ✔✔are the most common type of bank. They are called full-
service banks. They offer checking accounts, savings accounts, and make loans to individuals
.
FDIC - correct answer ✔✔Federal Deposit Insurance Corporation is a federal agency that helps
to regulate banks and other financial institutions. It protects depositors' money in case of the
failure of a bank
For how much does the FDIC and the NCUA insure depositors' money? - correct answer
✔✔$250,000
NCUA - correct answer ✔✔National Credit Union Administration protects depositors' money up
to $250,000 and regulates credit unions
Savings and loan association - correct answer ✔✔specializes in offering savings accounts and
making loans for home mortgages
Credit union - correct answer ✔✔is user-owned, not for- profit cooperative financial institutions
Protection
Banks - correct answer ✔✔are businesses that sell services such as checking accounts, saving
accounts, and loans
.
Depository institutions - correct answer ✔✔accept deposits for people and business to use in
the future
Commercial bank - correct answer ✔✔are the most common type of bank. They are called full-
service banks. They offer checking accounts, savings accounts, and make loans to individuals
.
FDIC - correct answer ✔✔Federal Deposit Insurance Corporation is a federal agency that helps
to regulate banks and other financial institutions. It protects depositors' money in case of the
failure of a bank
For how much does the FDIC and the NCUA insure depositors' money? - correct answer
✔✔$250,000
NCUA - correct answer ✔✔National Credit Union Administration protects depositors' money up
to $250,000 and regulates credit unions
Savings and loan association - correct answer ✔✔specializes in offering savings accounts and
making loans for home mortgages
Credit union - correct answer ✔✔is user-owned, not for- profit cooperative financial institutions
