Question

Keegan and drew, spouses, have a checking account at gloria city national bank. the balance is $450,000. what is their protection from sipc if gloria city fails?

Answer 1

Keegan and drew, spouses, have a checking account at gloria city national bank. the balance is $450,000. There is no coverage for Keegan and Drew their protection from sips of gloria city fails. Thus, option (c) is correct.

What is bank?

The term bank refers to the financial institution offering the services related to the term money. The bank is manage financial system to handling accounts and manage the cash. The bank is provided different facilities such as cash transaction, accounts on bank, deposition, check, provided locker facility, loans and provided different schemes.

Nowadays, technology are advanced, the bank are shift in online transaction. The bank details are check on single click. A person proper details add to bank account. A person is required to check bank balance they easily check with security. But the check another person bank account are take to legal action.

Instead of managing banks, the SIPC deals with broker-dealers. Drew and Keegan's defense against gloria city sips fails.

Therefore, option (c) is correct.

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The missing option of the questions are:-

A) $250,000—the total maximum coverage per account

B) $450,000—split evenly between the two people

C) There is no coverage for Keegan and Drew

D) $450,000—$250,000 for Keegan and $200,000 for Drew