I have a CD at a credit union with my 2 grown children in and near their 60's as beneficiaries. I know my CD would be insured to $500,000. One of my children who is my beneficiary has opened a $900,000 CD with his wife and 2 children as beneficiaries at the same institution. His account should be insured to 1 million and mine $500,000. Because he is both a beneficiary and an owner are both of the accounts fully insured. Our increased NCUA insurance is because of our beneficiaries and his also added insurance because it is joint. My question is are both accounts fully insured.
I have tried to use the estimator but it doesn't work in duck duck go and private browsing. I have to go for an appointment now and will try later with a different browser and not in private browsing. I just found out about this.
I thought I read once when and if an institution closed they would use SS numbers to verify owners and beneficiaries for insurance purposes.
I hope I misunderstood what I thought I read and that we would all be 100% insured.
