If your bank is a member of the FDIC, what does that mean for you?
A. The bank is not allowed to lend out your money.
B. You will get a better exchange rate than at other banks.
C. Your bank is allowed to print out currency for you.
D. Your money is protected by insurance up to a specific amount.
Please select the best answer from the choices provided

Explanation:

FDIC in full is Federal Deposit Insurance Corporation (FDIC). It is an agency that insures cash deposits saved in most banks and other financial institutions. In case these institutions fail, people who have their money saved there will have compensation up to a certain amount. This is a way to protect these savings and for people to trust banks with their deposits.

The correct answer is option D. Your money is protected by insurance up to a specific amount.

Explanation:

The acronym FDIC corresponds to Federal Deposit Insurance Corp. Through this corporation, the government is responsible for protecting people's deposits as well as the country's financial system.

They offer insurance on deposits so that in this way customers do not suffer from losses in case the bank goes bankrupt, since banks use this money to generate profits, and if they go bankrupt they could not return it. To avoid that is the FDIC.

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