After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife, Cynthia, have three accounts at ABC Bank & Trust, one joint account with a balance of $61 comma 34561,345 and two individual accountslong dash—his has a $137 comma 454137,454 balance, and hers has a $252 comma 304252,304 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts? Question content area bottom Part 1 What amount of FDIC coverage do Tony and Cynthia have on their accounts? (Select the best answer below.) A. Tony's account balance of $137 comma 454137,454 is completely covered as is their joint account of $61 comma 34561,345; both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by $2 comma 3042,304, but is fully insured because they only have $61 comma 34561,345 in their joint account. B. Tony's account balance of $137 comma 454137,454 is completely covered as is their joint account of $61 comma 34561,345; both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by $2 comma 3042,304, but their money would be covered if she moved some into their joint account or into another institution. C. Tony's account balance of $137 comma 454137,454 is not covered and neither is their joint account of $61 comma 34561,345. This is because Cynthia's account balance of $252 comma 304252,304 is over the insurance limit by $2 comma 3042,304, therefore the institution does not have to insure any of their accounts. D. Tony and Cynthia have a total of $451 comma 103451,103 in this institution. Each institution is insured up to $250,000, so they are over the insurance limit by $201 comma 103201,103 and should move money into other institutions.

After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife, Cynthia, have three accounts at ABC Bank & Trust, one joint account with a balance of $61 comma 34561,345 and two individual accountslong dash—his has a $137 comma 454137,454 balance, and hers has a $252 comma 304252,304 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts? Question content area bottom Part 1 What amount of FDIC coverage do Tony and Cynthia have on their accounts? (Select the best answer below.) A. Tony's account balance of $137 comma 454137,454 is completely covered as is their joint account of $61 comma 34561,345; both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by $2 comma 3042,304, but is fully insured because they only have $61 comma 34561,345 in their joint account. B. Tony's account balance of $137 comma 454137,454 is completely covered as is their joint account of $61 comma 34561,345; both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by $2 comma 3042,304, but their money would be covered if she moved some into their joint account or into another institution. C. Tony's account balance of $137 comma 454137,454 is not covered and neither is their joint account of $61 comma 34561,345. This is because Cynthia's account balance of $252 comma 304252,304 is over the insurance limit by $2 comma 3042,304, therefore the institution does not have to insure any of their accounts. D. Tony and Cynthia have a total of $451 comma 103451,103 in this institution. Each institution is insured up to $250,000, so they are over the insurance limit by $201 comma 103201,103 and should move money into other institutions.

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter7: International Law

Section: Chapter Questions

Problem 4QAP

See similar textbooks

Question content area bottom

Part 1

What amount of FDIC coverage do Tony and Cynthia have on their accounts? (Select the best answer below.)

Tony's account balance of

$137 comma 454137,454

is completely covered as is their joint account of

$61 comma 34561,345;

both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by

$2 comma 3042,304,

but is fully insured because they only have

$61 comma 34561,345

in their joint account.

Tony's account balance of

$137 comma 454137,454

is completely covered as is their joint account of

$61 comma 34561,345;

both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by

$2 comma 3042,304,

but their money would be covered if she moved some into their joint account or into another institution.

Tony's account balance of

$137 comma 454137,454

is not covered and neither is their joint account of

$61 comma 34561,345.

This is because Cynthia's account balance of

$252 comma 304252,304

is over the insurance limit by

$2 comma 3042,304,

therefore the institution does not have to insure any of their accounts.

Tony and Cynthia have a total of

$451 comma 103451,103

in this institution. Each institution is insured up to $250,000, so they are over the insurance limit by

$201 comma 103201,103

and should move money into other institutions.

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