ANSWER CHOICES FOR BLANK SPACES:

1.) commercial banks / savings associations

2.) commercial banks / savings associations

3.) BIF / SAIF / NCUSIF

4.) BIF / SAIF / NCUSIF

5.) $250,000 / $15,025

6.) Jose / Brooke

What institutions are protected by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Share Insurance Fund (NCUSIF)? The FDIC oversees and manages two separate insurance funds that apply to banks and savings associations. These two funds include the Bank Insurance Fund (BIF), which provides coverage for and the Savings Association Insurance Fund (SAIF), which insures deposits in In an arrangement that seems inconsistent, mutual savings banks are insured by the In contrast, funds held in federally chartered credit unions are insured by the It is important to understand, how the presence or absence of deposit insurance on your deposits will affect your wealth. Based on your understanding of the concept, read each of the following statements and select the appropriate response. Madison and Dominic Madison and Dominic are going to be married next summer. They maintain a joint savings account, which currently has a balance of $15,025. If the bank failed this evening, the maximum amount of coverage that would be provided by the Savings Association Insurance Fund is: Jos and Brooke To settle a disagreement that they had last night, Jos and Brooke called you. Jos argued that FDIC and NCUSIF deposit insurance will cover mutual fund investments as well as insurance policies in the event the firms fail. Brooke argued that the programs would not protect these assets. Who is right: Jos or Brooke