Question

What is the purpose of the FDIC? Up to what amount will the FDIC insure your bank account deposit? If you had $500,000, what might you do so the FDIC insured all of this money while it was in a bank?

Answer 1

The FDIC protects the amount of money you place in their banks to keep the disaster that the Great Depression caused. The amount of money that the FDIC will insure is at least $250,000. To make sure that all of my money was insured I would open a savings account and a checking account Because if one account can hold a maximum amount of $250,000, in order to make sure the reaming amount is safe (Which is literally $250,000.)