Barry Has $22,000 in a Savings Account with the Scott

question 217

Multiple Choice

Barry has $22,000 in a savings account with the Scott Credit Union. While economic conditions have caused financial institutions to struggle, Barry feels that his money is safe due to the fact that the credit union's accounts are protected by the:

• A) Federal Deposit Insurance Corporation (FDIC).
• B) Credit Union Insurance Fund (CUIF).
• C) National Alliance of Credit Union Underwriters (NACUU).
• D) National Credit Union Administration (NCUA).

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Definitions:

Legal Position

The status, rights, and obligations of an entity or individual according to the law.

Defences

Defences in legal terms refer to arguments and evidence presented by a defendant in a lawsuit to demonstrate why they should not be held liable for the claims brought against them.

Legally Binding Contract

An agreement between parties that has legal force and is enforceable by law, with defined obligations and rights.

Reasonable Expectations

The anticipation of certain outcomes based on typical circumstances, often legally considered in contractual agreements.