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Consumer Financial Protection Bureau!
reporting suspicious activity as well.
1. What are some of the advantages and disadvantages of choosing a federally-insured
account?



Answer :

GinnyAnswer

Final answer:

The advantages and disadvantages of federally-insured accounts are explored, emphasizing protection by the FDIC and potential risks associated with deposit insurance.


Explanation:

Advantages of choosing a federally-insured account:

  • Protection of savings up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
  • Enhanced security compared to keeping money in non-insured accounts.

Disadvantages of federally-insured accounts:

  • Potential for banks to take higher risks due to the safety net provided by FDIC.
  • Depositors may be less vigilant in monitoring banks' activities due to deposit insurance.

Learn more about Federally-insured accounts here:

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