FDIC Insurance Question

mark1010 | May 5, 2018 | 16 posts since 2018

Can anyone please advise how much FDIC insurance I would have under the following scenario? I tried the FDIC calculator website but its not very clear to me . All the funds would be in the same bank.

CD #1 1 million dollars Mary & John ITF Mark & Jane ( equal amounts)

CD #2 70K Mary & John ITF Steven

CD #3 70K Mary & John ITF Donna

CD #4 70 K Mary & John ITF Ronald

CD #5 70 K Mary & John ITF Larry

Thanks

Post an answer

Answers

RJM_Willy12 | May 6, 2018 | 149 posts since 2016

google fdic insurance calculator

Why would anyone trust somebody's answer when it is so easy to check it yourself?

me1004 | May 6, 2018 | 1,379 posts since 2010

The OP said he already used the FDIC calculator, but found it confusing. Better might be to explain the calculator so he can understand it.

RJM_Willy12 | May 6, 2018 | 149 posts since 2016

Definitely better for the person to explain what was not understood.

Or, go ahead, rewrite the entire instructions to the calculator.

alan1 | May 6, 2018 | 877 posts since 2015

I used the FDIC's EDIE deposit insurance estimator. According to the estimator, the accounts are fully insured if all owners and beneficiaries are alive.

EDIE is at https://www5.fdic.gov/edie/

davidkir | May 6, 2018 | 3 posts since 2016

All the CDs would be fully insured. CD#1 would be insured for $1,000,000 because Mary and John would each get 500,000 insurance because they would each have 2 beneficiaries. Each of the other 4 CD's would be fully insured for $70K because Mary and John would get additional insurance for each different beneficiary.

Ally6770 | May 7, 2018 | 4,294 posts since 2010

When in doubt email them and then print out their answer and you have proof of what they said.
That is what I did and found out the credit unions do not have to put ITF etc on account titles to have extra insurance but banks do.

mark1010 | May 7, 2018 | 16 posts since 2018

Thanks everyone. If I had the ability to add 100K to CD #1 would the then total of 1 million 100 k be covered or is CD #1 limited to a max of 1 million coverage?

alan1 | May 7, 2018 | 877 posts since 2015

If you increased CD #1 to 1.1 million dollars, the FDIC's EDIE deposit insurance estimator will inform you:

"ATTENTION: EDIE estimates that some of your money in this financial institution exceeds FDIC limits and is currently uninsured. It is important to be familiar with your FDIC coverage limits -- you should use EDIE every time you make changes to your accounts to make sure your deposits are always fully insured."

According to EDIE, $100,000 will be uninsured.

Your initial post stated that the website is not clear to you. If you go to the Estimator, and click on "Contact Us", you will obtain info re obtaining customer assistance.
https://www5.fdic.gov/edie/calculator.html

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.