True or False: When you deposit your money at a community or online bank, your money is insured by the FDIC up to $250,000.
True or False: When you deposit your money at a community or online bank, your money is insured by the FDIC up to $250,000.
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True. When you deposit your money at an FDIC-insured bank, your deposits are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, for each account ownership category. This means that if the bank were to fail, the FDIC would cover your insured deposits up to that limit.