Question

After Xavier and Alyssa deposited nearly $55,000 in a savings account at Bigbux Bank, the bank failed and filed for bankruptcy. Because the Bigbux was an FDIC member bank, Xavier and Alyssa:_______

Answer 1

Answer: should be protected because their account is fully insured by the FDIC.

Explanation:

From the question, we are informed that Xavier and Alyssa kept about $55,000 in a savings account at Bigbux Bank, the bank failed and filed for bankruptcy but that the bank FDIC member bank.

Based on the above scenario, they'll be protected because their account is fully insured by the FDIC. It should be noted that the Federal Deposit Insurance Corporation helps in insuring several bank deposits and in case of bank failure, the depositors will be paid or the accounts of the bank will have to be transferred to some other bank.