1) The Federal Deposit Insurance Corporation (FDIC) Promotes and Preserves public confidence in the U.S. financial system.
This is done by
-Insuring deposits in banks for at least $250,000 per depositor, per insured bank, for each account ownership category;
-Identifying, monitoring and addressing risks to the deposit insurance funds; and
-Limiting the effect on the economy and the financial system when a bank fails.
2) There are three types of Account Ownership Namely
A) Individual Account
B) Joint Account
C) Testamentary Account
3) Each depositor of a Joint Account is said to own 50% of total deposit in that account.
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