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If two banks holding a person's deposits close on the same day:
ABoth are insured once
BOnly one is insured
CEach is insured half
DEach is insured apart
Answer & Solution
Correct answer: D. Each is insured apart
1. Deposits in each bank stand on their own.
2. The date of closure makes no difference.
3. The funds from each bank are insured separately.
_Source: Deposit Insurance and Credit Guarantee Corporation, Guide to Deposit Insurance and depositor FAQs_
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