FDIC limits
One bank said it applied separately to EACH bank account, i.e. checking accounts, savings accounts, IRAs, etc. in their bank. ( If that is the case, presumably as long as you kept each separate account under $250,000 you could have millions in a single bank and still have FDIC coverage.) Another bank told me if a single bank account (either savings or checking) has a co-owner OR multiple beneficiaries, EACH owner or beneficiary is covered up to $250,000 which would mean you could again have millions in one account and still be completely covered. Yesterday on the Wintrust business lunch, it was stated the coverage in each bank is limited to $250,000 per social security number. Each bank is giving me a different answer. Which is correct? Thank you for clearing this up.
Terry Says
It’s complex — and this link is posted on my website so you can do your homework:
https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/index.html
I never said “per Social Security number” because there are instances where that could not be the situation.
BUT the real question is why you are fooling around and leaving that much money in one bank for the regulators to figure out, if it ever were an issue, when you could be buying T-bills with even greater safety?
