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Test Your Deposit Insurance IQ
If you have a bank account, you also should have at least a basic knowledge of how FDIC insurance works. How well informed are you? Take our quiz and find out.
3. FDIC insurance protects more than just deposits. If you purchase stocks, bonds, mutual funds or annuities at an FDIC-insured bank, the FDIC also will protect those investments against loss. True or False?
5. Suppose the only accounts you and a spouse have at a particular bank are joint accounts totaling nearly $200,000. Those accounts are fully insured because each of you qualifies for $100,000 of insurance. True or False?
6. You're thinking about taking a $150,000 lump-sum distribution from a pension fund and depositing it into two different IRAs at your bank. That's safe to do because each IRA would be separately insured to $100,000. True or False?
7. You want to open a "payable-on-death" account naming your two children as the beneficiaries. Under the FDIC's insurance rules, this account qualifies for $200,000 of insurance $100,000 for each beneficiary not $100,000 in total.
True or False?
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