1.
By law, all commercial banks and savings
associations in the United States are insured
by the FDIC. True or false?
2. I have $100,000 in certificates of deposit
(CDs) at the bank where I have $100,000 in
Individual Retirement Accounts (IRAs). I'm
fully insured because retirement accounts are
insured up to $100,000 separately from my
other money at the bank. True or false?
3. If I have accounts at two FDIC-insured
institutions that merge, my deposits are
combined immediately for insurance purposes.
True or false?
4. I have $20,000 in a checking account in my
name alone, and at the same bank I have a
$100,000 trust account in my name but
payable to my mother when I die. All of my
money is protected because the payable-
on-death (POD) account is insured to
$100,000 separately from my checking
account. True or false?
5. I have my checking account at the same
bank where I keep the accounts of my sole
proprietorship (a business owned by just
one person, not by a corporation). Under
the insurance rules, my sole proprietorship
accounts are added together with my
personal accounts at the bank and are
insured to $100,000 in total. True or false? |
6. My spouse and I have joint accounts
totaling $200,000, but because both of
our names are on the accounts, they're fully
insured ($100,000 for each of us).
True or false?
7. I have three accounts at the same bank
-a $100,000 savings account for myself,
a $50,000 checking account just for me,
and a separate $50,000 checking account
I own jointly with my mother. All three
accounts are separately insured for
$100,000 each. True or false?
8. I've invested in the stock and bond markets
by buying shares in a mutual fund sold by my
bank. Because the institution is FDIC-insured,
that means my investment is also protected by
the FDIC. True or false?
9. I have three different joint accounts at the
same bank - one for $100,000 with my spouse,
another for $100,000 with my sister, and a third
for $100,000 with my brother. Because I own
each account with a different person, each
account qualifies for $100,000 of insurance.
True or false?
10. I can get additional FDIC insurance by
opening accounts at different branches of my
institution. True or false? |
