Mary has a large sum of money to deposit, but since she has heard many stories from her grandmother about the Great Depression, when many banks lost their customers’ deposits, she is worried that the bank might not keep her money safe. Give Mary some recommendations about what she can do to make sure that her money stays protected.

Question

Revolt · Accepted Answer

Mary should use an FDIC-insured bank, keep deposits within the FDIC coverage limit per depositor and bank, and divide larger amounts among separately insured banks or ownership categories. She should confirm the bank’s insurance status and choose insured deposit accounts such as savings accounts or CDs.

Government Agencies

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