Unit 4 - Module 110
The FDIC only covers up to __________ per depositor per insured bank.
$250,000
Based on the graph, what is the percentage of U.S. households that are either unbanked or underbanked?
25.6 %
Based on the graph, what percentage of U.S. households was found to be unbanked?
7.7 %
Based on the graph, what percentage of U.S. households have adequate banking?
70.3 %
If a bank fails, funds up to the coverage amount will be transferred to ____________ or the depositor will receive a check.
Another FDIC bank
A _______________ is normally insured by the FDIC.
Commercial Bank
A _______________ is owned by its members.
Credit Union
A _______________ is regulated by the NCUA.
Credit Union
A _______________ most likely offers higher interest rates on savings accounts.
Credit Union
_________ provides coverage for checking accounts and for savings accounts in commercial banks.
FDIC
A credit union is operated on a for-profit basis.
False
Anyone can cash a paycheck at a credit union.
False
Deposits at federally chartered credit unions and state chartered credit unions are always insured by the same federal agency.
False
People must purchase one share of a commercial bank before they can become customers.
False
The FDIC covers safe deposit boxes.
False
The Federal Deposit Insurance Corporation insures credit union deposits if the credit union fails.
False
The FDIC came into being due to the number of failed banks during the
Great Depression
Both the Federal Deposit Insurance Corporation and the National Credit Union Share Insurance Fund insure deposits up to $250,000.
True
FDIC stands for Federal Deposit Insurance Corporation.
True
Over 25% of U.S. households surveyed by the FDIC are either unbanked or underbanked.
True
Savings accounts are offered at both a credit union and at a bank.
True
The insurance coverage for a failed bank is up to $250,000.
True
Without using a bank or credit union, it costs money to cash a paycheck.
True
One advantage to having a checking account through either a bank or a credit union is that you can use _____________ for your paycheck.
direct deposit
The FDIC provides coverage for checking accounts and for __________.
savings
Those people who are considered __________ use cash-checking services frequently.
underbanked
