FDIC insured?

Norm Apter
Norm Apter Posts: 1,036
edited September 2008 in The Clubhouse
Quick question for you banking experts. I recall that FDIC insured means that the government covers deposits up to 100k. What if one has multiple accounts at one bank? Is each individual account insured up to 100k or is does the regulation hold that the SUM of all accounts that an individual has at a single FDIC-insured banking institution is insured up to 100k?

Just saw some news that WaMu is having trouble and trying to auction itself off. I'm not big into financial news and didn't see this one coming, even with the whole bit of news regarding Merryl Lynch, Bear Sterns, Lehman Brothers, Fannie and Freddy, AIG in recent days. No, I'm not panicking; but I would like to know the answer to this as its something that I've thought about from time to time. The trouble that WaMu is having has just brought it to from the back to the front of my mind.
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Comments

  • RuSsMaN
    RuSsMaN Posts: 17,987
    edited September 2008
    Shack would be the man to ask.

    Cheers,
    Russ
    Check your lips at the door woman. Shake your hips like battleships. Yeah, all the white girls trip when I sing at Sunday service.
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  • Demiurge
    Demiurge Posts: 10,874
    edited September 2008
    All account balances under a single name at the same bank are added together and insured for up to $100,000. There are other strategies and things you can do with your money, obviously.
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  • b_dick
    b_dick Posts: 53
    edited September 2008
    Norm, This from an FDIC pamphlet:

    "All single accounts owned by the same person at the same insured bank are added together and the total is insured up to $100,000."

    There is a similar rule for retirement accounts of certain types which are insured to a total of $250,000.

    You can go beyond the $100K limit with a "Payable on Death" (informal revocable trust) account. The limit is $100K times the number of beneficiaries. These beneficiaries must be the account owner's spouse, child, grandchild, parent or sibling.

    Please do not rely on me or on any oral advise. Get publication FDIC-001-2007 from your bank or read up at www.fdic.gov/deposit/deposits

    Protect yourself, and soon.

    Bruce
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