12 Someone asked, in the case of bank failures,does the FDIC always give the depositor$250,000? Or are there situations where theFDIC attempts to find a loophole to avoidpaying that amount? Please comment onthese two questions

FDIC is deposit insurance company of USA main objective of FDIC is to ensure safety of the funds of…

Answered: Someone asked, in the case of bank…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....

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Similar questions

Technically, a bank can require depositors to give prior notice before they withdraw funds from time deposits. True or False True False tv
1. What do you think are conditions that must be met if the banker is to honor the customer's cheques? 2. Can you describe any circumstances where it might be in the interest of the bank to divulge information about the affairs of one of its customers? 3. What duties does a customer have to his or her bank?
Which of the following are reported as liabilities on a bank’s balance sheet? Group of answer choices Checkable Deposits. Cash items in the process of collection. Excess Reserves. at least two of these answers. None of these answers.
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
Which of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest income
Under what conditions may a bank refuse to make payment?
Show how each of the following would initially affect a bank’s assets liabilities. Someone makes $1000 deposit into a checking account. A bank makes a loan of $1000 by establishing a checking account for $1000 The loan described in part (B) is spent. A bank must write off a loan because the borrower defaults.
Discuss using figures how Bank Overdraft will affect the preparation of Bank Reconciliation Statement?
In an attempt of bank officials to collect and recover some loans from defaulters. There are soo many procedures to follow. Explain any three (3) of the procedures.
What If the Facts Were Different? Suppose that West Bank’s Deposit Account Agreement had not included “an obligation to Depositor to exercise good faith and ordinary care in connection with each account.” How might the result have been different?
Which one of the following items requires an adjustment on the bank side of the bank reconciliation? A. interest earned B. a bank service charge C. a note collected by the bank D. deposits in transit

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Someone asked, in the case of bank failures, does the FDIC always give the depositor $250,000? Or are there situations where the FDIC attempts to find a loophole to avoid paying that amount? Please comment on these two questions