my prepaid card says it is eligible for fdic deposit insurance. that means i don’t have to do anything to…

my prepaid card says it is eligible for fdic deposit insurance. that means i don’t have to do anything to make sure the money on the card is protected if the bank fails. does this logic make sense, or is it nonsense? sense nonsense

my prepaid card says it is eligible for fdic deposit insurance. that means i don’t have to do anything to make sure the money on the card is protected if the bank fails. does this logic make sense, or is it nonsense? sense nonsense

Answer

Brief Explanations:

The Federal - Deposit Insurance Corporation (FDIC) insures deposits in banks. If a prepaid card is eligible for FDIC deposit insurance, the money on it is protected in case of bank failure without additional action from the card - holder.

Answer:

SENSE