Ok. When it doubt find out what the pros on DA think. I just called a local credit union and asked her to check if I was close to maxing out the limit for insurance since all our CDs had one beneficiary and from what I had read on FDIC rules that puts them all in "one" category for insurance maximum.
Woman at the credit union said NCUA is not per qualifying account like FDIC but insures each member for the max of $250,000.00. So that means we could put more with their credit union. She insisted she was correct in this. Yet when I looked up NCUA insurance it states it pays per qualifying account just like FDIC and basically works just like the FDIC insurance! The FDIC states no matter how we title the CD, if we add a beneficiary it falls into the "POD" category so everything would only be covered for the $250M!
I read Ken's article on the difference but it does not seem to answer the question I have. Does NCUA work exactly the same way as the FDIC? Thanks for any information you can share.
