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Live & Learn - FDIC insurance limits
Old 04-13-2011, 10:45 AM   #1
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Live & Learn - FDIC insurance limits

I just learned that for a joint account, the insurance limit is $250,000 per account holder. I always thought that the limit was per account irrespective of the number of account holders.

I verified this at the FDIC site.
https://www.fdic.gov/edie/calculator.html
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Old 04-14-2011, 04:30 PM   #2
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You can add a few "pay on death of" names and cover a bundle of money.
My bank gave me a brochure with all the details.
I've added a few names, a few twist and turns and covered way over the 250 amount in the past. I didn't know about this either until I had a need for the info.
I spent most of my life under any kind of limits they've ever had, probably dating back to the great depression, if you know what I mean.
But I must say, it was nice for once in my life time, to reach a place where I needed to know these little details.
Steve
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Old 04-15-2011, 07:06 AM   #3
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What Stevewc said. You can also call the FDIC and go over the title and limits on the accounts. Did this several times over the last 3 years. With Single, Joint, Beneficiary, and Trust designations, one can keep a lot of money in the same bank. Make sure the bank has your signature card on file and that you have a copy of what they are suppose to have in your own files. FDIC told me, if the signature cards were not there, they do not pay up if the bank fails.
Banks used to be really lax about the signature cards.....
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Old 04-15-2011, 04:45 PM   #4
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Quote:
Originally Posted by Stevewc View Post
You can add a few "pay on death of" names and cover a bundle of money.
My bank gave me a brochure with all the details.
I've added a few names, a few twist and turns and covered way over the 250 amount in the past. I didn't know about this either until I had a need for the info.
I spent most of my life under any kind of limits they've ever had, probably dating back to the great depression, if you know what I mean.
But I must say, it was nice for once in my life time, to reach a place where I needed to know these little details.
Steve
I do the same...whenever I open new CD's these days, I always add 2 or 3 Payable on Death beneficiaries to get the extra FDIC coverage.
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Old 04-16-2011, 09:40 AM   #5
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Sheesh - thanks. Our bank has been bought so many times, I wonder if they still have our signatures on file. And I don't remember if I ever sent my signature to my online bank.
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