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FDIC Consumer News
A Final Exam
Test your knowledge by taking a quiz based on information in this issue.
3. Recent changes in the FDIC's insurance rules make it more likely that a family's deposits held by a living trust will be fully protected if their bank fails. This is because the FDIC will no longer impose limits on the insurance coverage if the trust contains conditions on when the funds could pass to a beneficiary. True or False?
4. John has both a payable-on-death trust account and a "living trust" account at the same bank. Both trusts name the same three people John's wife and two children as equal beneficiaries. Under the FDIC's rules, both accounts are combined for insurance purposes and protected up to $300,000 $100,000 for each beneficiary. True or False?
5. If you receive an e-mail requesting you to re-submit your Social Security number and bank account information to a bank or company you may do business with, it's safe to provide this information as long as the e-mail includes the name and logo of that entity. True or False?
6. Under new U.S. rules to help fight terrorism, financial institutions generally are required to ask for a Social Security number or other taxpayer identification number before opening a deposit, loan or other account. True or False?
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