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250K Insurance Issue --FYI.

Monday, August 29, 2011 - 2:17 PM
I have and account in my name only with one pod beneficiary and am told that the account is only insured to $250k.  In order to double that insurance , another beneficary would need to be added.  

IF I had it set up as a joint account --then each of the account holders would have the 250k coverage thus making the account insured to 500k.
3
diamondxdiamondx63 posts since
Jan 19, 2011
Rep Points: 151
1. Monday, August 29, 2011 - 3:25 PM
Different ownership categories is the key to maximizing FDIC coverage in various account types. 
  • single accounts
  • joint accounts
  • revocable trust accounts
  • certain retirement accounts
Each is treated separately for insurance purposes at the same insured bank or savings association.  
A common misconception is that deposit insurance (for revocable trust accounts) is determined by counting or adding the total number of individuals listed on a POD account. Coverage is NOT calculated as owners plus beneficiaries times $250,000. 

5
CraigPDCraigPD94 posts since
Jun 12, 2010
Rep Points: 334
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