2006-12-01 15:53:02 · 9 answers · asked by Anonymous in Entertainment & Music ➔ Polls & Surveys
the bank is insured by the govt for deposits in the bank...up to a limit..
2006-12-05 15:34:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Federal Deposit Insurance Corporation: Insures a persons deposits in a covered bank. Usually up to $100,000 of your money in the bank. This protects people from banks that go out of business or bankrupt. This can be caused by bad investments or a bunch of loans made to its customers that don't get paid back. Sometimes money is embezzled by the top people at the bank. The bank runs out of money and goes under. The FDIC guarantees that up to $100,000 or your money will be given back to you. Anything over that probably is lost. This almost never happens anymore but I would be suspicious of any bank that is not FDIC insured.
2006-12-02 00:02:02 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It means the bank is a member of the federal reserve system with a national charter.
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It means that your deposits in that bank are insured up to a certain level. However, if the bank fails, you will only get your money back at a later date, and it will not be accruing interest.
If you are in the USA, don't use a bank unless they are insured through that corporation.
2006-12-01 23:57:15 · answer #3 · answered by Ragnarok 7 · 2⤊ 0⤋
The bank is member of the Federal Depository Insurance Company. It provides a measure of coverage for money lost in accounts due to bank failures.
2006-12-01 23:56:15 · answer #4 · answered by DavidNH 6 · 1⤊ 0⤋
Member Federal Deposit Insurance Corporation. It means that your money is insured should the bank collapse. It also establishes banking guidelines.
2006-12-01 23:55:56 · answer #5 · answered by charmingchatty 4 · 1⤊ 0⤋
It stands for Federal Deposit Insurance Corporation. Which means the bank is insured.
2006-12-01 23:56:59 · answer #6 · answered by Lov'n IT! 7 · 1⤊ 0⤋
Federal deposit insurance cooperation- they make sure your money is safe in a bank.
2006-12-01 23:55:01 · answer #7 · answered by ? 7 · 1⤊ 0⤋
It means the bank is federally insured.
2006-12-01 23:54:54 · answer #8 · answered by Anonymous · 1⤊ 1⤋
I don't know never see that before
2006-12-01 23:55:02 · answer #9 · answered by Anonymous · 0⤊ 2⤋