The advantage of using a safe deposit box at a financial institution is that it is protected by the financial institution’s security system, which usually provides greater protection than the security systems of a private home. Group of answer choices False True

The biggest advantage of keeping deposits at financial institutions is that they receive more protection in comparison to the security systems of a private home. Hence, the given statement is true.

What is a financial institution?

Also known as the banking institutions, financial institutions or FI is a kind of business entity that provides and deals in various types of financial monetary transactions. Basically, a financial institution is a company that deals in the activities such as deposits, loans, investments, and currency exchange. The customers of these institutions are the individuals and businesses who need them.

There are some common types of financial institutions, they are commercial banks, brokerage firms, insurance companies, and investment banks. In the given types of institutions, there are sub-categories also. They are central banks, retail and commercial banks, internet banks, credit unions, savings, and loans associations, investment banks, and many more.

Thus, the given statement is correct.

Learn more about financial institutions here:

https://brainly.com/question/13753001

#SPJ2