I have $1,000 in cash in a savings account as well as $5,000 in a safe...
I have $1,000 in cash in a savings account as well as $5,000 in a safe deposit box at the FDIC protected Bob’s Bank. The bank is robbed and all of my money is stolen. What amount is covered by the FDIC?
Homework Answers
FDIC does not cover safe deposit boxes. As the cash is within the FDIC insured limit, entire cash will be covered. Total amount covered=1000
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