For years you have deposited your money in a local community bank. Unfortunately, the banks lending policy was lax and last year the bank was forced by the FDIC to close its doors. You had $600,000 on deposit at the bank in a joint savings account with your spouse. The FDIC sold all of the deposits and loans of the failing bank to Wells Fargo, which is a much more stable bank. What affect will this have on your savings account?

a. You will lose it all because you did not withdraw your money before the accounts were sold to Wells Fargo.

b. You will receive a $250,000 check from FDIC for the insured amount of your joint account.

c. You will now become a customer of Wells Fargo, but youll start over with a $0 balance.

d. You will receive a $500,000 check from the FDIC, since there were two people on your account.

e. You will now become a customer of Wells Fargo and will lose no money.