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FDIC Consumer News
A Final Exam
2. Sorry, that is incorrect.
The correct answer is "True."
Historically, the FDIC pays insurance within a few days after a bank closing either by establishing an account at another insured bank or by providing a check. And remember that since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits. Note: Deposits purchased through a broker may take longer to be paid because the FDIC may need to obtain the broker's records to determine insurance coverage.
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