FDIC Coverage
Good morning Terri,
My brother was told that the coverage is based per beneficiary. In other words, if one account has three beneficiaries then the guarantee is $250,000×3. This seems too good to be true. What do you think? Does the same apply to credit unions?
Terry Says
If you have a revocable living trust, the trust owner receives insurance coverage up to $250,000 for each unique beneficiary.
Please read this link for an explanation of FDIC coverage:
https://www.fdic.gov/resources/deposit-insurance/brochures/documents/your-insured-deposits-english.pdf
That said, it makes no sense to push the limits and get caught in any delays while things get sorted out if a particular bank were to fail. Instead, read this: https://www.terrysavage.com/t-bills-beat-cds/
And do read the first column on my website for today’s update on the overall banking situation.