Finance
In South Carolina, which federal agency insures deposits in savings institutions to protect depositors in case of bank failure?
AFederal Reserve
BFDIC (Federal Deposit Insurance Corporation) and NCUA (for credit unions)✓ Correct
CSEC
DCFPB
Explanation
The FDIC insures deposits at banks and savings institutions up to $250,000 per depositor. The NCUA provides similar coverage for credit union deposits. This protects depositors from loss if the institution fails.
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