7. Sorry, that is incorrect.

The correct answer is "True."

If your bank fails and you have funds exceeding the $100,000 insurance limit, the FDIC will start by giving you a document called a "receivership certificate" indicating the amount of your uninsured deposits. Then, depending on various factors—including the cost of the bank failure minus how much the FDIC recovers liquidating your bank's assets—you still can recover some or, in rare circumstances, all of your uninsured funds. The liquidation process can take several years, so it's important for uninsured depositors to make sure the FDIC has your correct address. See full story...

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