Correct Answer: It provides deposit insurance guaranteeing the safety of retail banking customers' money
Explanation:
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More Retail Banking Industry And Processes MCQ Questions
What would happen if Mr. X made a check out to Mr. Y for $100, who indorsed the check, and then sold it for $50 to Mr. Z? Would Mr. Z be able to cash the check?
Which of the following is a reason for a person to open an offshore account?
What is meant by "online banking"?
Which of the following is a benefit of an offshore bank account?
What does the term "Nostro Account" imply?
What was the purpose of the 2006 Deposit Insurance Fund?
What is the definition of an offshore bank?
What level will the FDIC insure any one person at a bank for beginning January 1, 2010?
Which of the following would not be covered by the FDIC?
What method would a consumer most likely use to move funds between their offshore account and their domestic account?