Does the FDIC insure TOTAL monies an a bank or INDIVDIUAL accounts?

Question

The FDIC insures bank accounts up to $100,000. Does this mean for individual accounts of for the TOTAL amount a depositor has in the bank (like if a depositor $110,000 total in TWO DIFFERENT accounts, would they get $110,000 or only the $100,000?

Answer 1

the fdic insures everyone up to 100,000 but through different programs you can be insured for alot more.  But its per person per bank so if you have mutiple accounts all them are insure upto 100k

Answer 2

FDIC coverage is $100,000 per depositor, per bank (Has to be a Different and Separate bank by name  - ie different branch locations of one bank are considered as the same bank).

So, if an individual has $110,000 in each of two different banks, he would have fdic coverage of $100,000 in each bank for a total coverage of $200,000.  

If a husband and wife have a Joint Account with $200,000 in each of two different banks, the FDIC coverage is $100,000 for the husband and $100,000 for the wife in each bank for a total coverage of $400,000 for both banks. (Each spouse is considered a separate depositor).

However,  FDIC coverage can actually be increased if you have accounts (at the same bank) in different categories of (legally titled) ownership such as: (Single, Joint, Informal "POD" accounts or "In Trust For" accounts and Formal "Living Trusts", certain Retirement accounts, etc). And in doing so, as long as the qualifications/requirements are met, you can in fact increase the amount of FDIC coverage as long as you have your deposits in the different categories of ownership listed in the FDIC literature.

Example: If you have a single account with $100,000, and a POD (payable on death) or "in Trust For" account to your child with another $100,000 (at same bank), your FDIC coverage is $100,000 for each account for a total of $200,000 coverage. Beneficiaries must meet the kinship requirements (aunts, uncles, nieces, nephews, etc. do not count).

"All deposits that an owner has in both informal and formal revocable trusts are added together fot insurance purposes, and the insurance limit is applied to the combined total."

Hope this helps, mule.