Bank insured accounts

Have you wondered how much insurance is available for your bank deposits?  Despite the FDIC promotions over the years to the effect that we have only $100,000 coverage protection,  we can have more than $100,000 insurance coverage.

For example, an account in your personal name and a self-directed retirement acount each have the full $100,000 protection.

And your share of a joint account will be added to the amounts held in your personal name for purposes of calculating the overall coverage.

And revocable trusts’ (payable on death) accounts qualify based on the beneficiary’s status, not the grantor’s status.

Check with the FDIC for more information.

Categorized in: Cash Flow - Finances