Brokers who break up large deposits into smaller units at different banks to ensure full coverage by deposit insurance are referred to as deposit brokers.

Name: Brokers who break up large deposits into smaller units at different banks to ensure full coverage by deposit insurance are referred to as deposit brokers.
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Question

Quizplus · Accepted Answer

This statement is true. Deposit brokers specialize in dividing large deposits into smaller units to ensure that each individual account is fully insured by the FDIC or NCUA.

Brokers Who Break Up Large Deposits into Smaller Units at Different