SS.8.FL.3.8

loading spinner
Export Print
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.
General Information
Subject Area: Social Studies
Grade: 8
Strand: Financial Literacy
Standard: Identify and compare the different means and risks of saving and investing money, including the impact of inflation and interest rates.
Date Adopted or Revised: 06/14
Status: State Board Approved

Related Courses

This benchmark is part of these courses.
2104060: M/J Introduction to Personal Financial Literacy (Specifically in versions: 2019 - 2022, 2022 - 2023, 2023 - 2024, 2024 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
SS.8.FL.3.AP.8: Identify how the FDIC and NCUA protect your investments and savings in financial institutions.

Related Resources

Vetted resources educators can use to teach the concepts and skills in this benchmark.

Student Resources

Vetted resources students can use to learn the concepts and skills in this benchmark.

Parent Resources

Vetted resources caregivers can use to help students learn the concepts and skills in this benchmark.