After Bill and Jillian Deposited Nearly $30,000 in a Savings

question 22

Multiple Choice

After Bill and Jillian deposited nearly $30,000 in a savings account at Farmers National Bank,the bank failed and filed for bankruptcy.Because the Farmers National Bank was an FDIC member bank,Bill and Jillian's savings:

• A)should be protected because their account is fully insured by the FDIC.
• B)can recover up to $20,000,but they will probably lose the rest since their deposits exceed the maximum coverage offered by the FDIC.
• C)will lose their savings because the FDIC only insures business deposits.
• D)will be eligible to recover 80 percent of the value of their deposit,less a $2,500 deductible.