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. The Federal Deposit Insurance Corporation (FDIC) insures deposits at member banks, including community and online banks, up to $250,000 per depositor, per insured bank, for each account ownership category. This insurance protects your money in case the bank fails.