Standard #: SS.8.FL.3.8


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Explain that, to assure savers that their deposits are safe from bank failures, federal agencies guarantee depositors’ savings in most commercial banks, savings banks, and savings associations up to a set limit.


Remarks


Identify the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) as the government agencies responsible for insuring depositors’ savings and state the limit of FDIC and NCUA coverage. Explain why the bank-run scene in the movie It’s a Wonderful Life, for example, is less likely to occur in today’s world of insured banks.

Related Courses

Course Number1111 Course Title222
2104060: M/J Introduction to Personal Financial Literacy (Specifically in versions: 2019 - 2022, 2022 - 2023, 2023 - 2024, 2024 and beyond (current))


Related Access Points

Access Point Number Access Point Title
SS.8.FL.3.AP.8 Identify how the FDIC and NCUA protect your investments and savings in financial institutions.


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