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2 years ago

Which is the government agency that covers customer deposits if a bank fails?

Social Studies

2 answers:

Vinil7 [7]2 years ago

8 0

It is the Federal Deposit Insurance Corporation (FDIC).

marusya05 [52]2 years ago

5 0

Answer:

Federal Deposit Insurance Corporation.

Explanation:

The Federal Deposit Insurance Corporation (FDIC) is the U.S. corporation that insures deposits in the United States against bankruptcy. The FDIC was established in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices. The FDIC insures deposits of up to US $ 250,000 per institution, starting in 2016, provided the bank is a member company. In other words, the FDIC is an independent US government agency whose job is to secure bank deposits at US financial institutions.

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