FDIC deposit insurance question?

Question

I am a U.S. citizen living in North East of U.S. Just about ALL banks in my area claim to be FDIC insured up to $100,000 including Bank of America, Wachovia, ING direct, HSBC direct and etc......

My question is does being FDIC insured up to $100,000 mean per account or per individual?

In other words, if I have deposit of $50,000 at three different banks, does it mean that I am over the FDIC insurance since my total at three different banks add up to $150,000 which is over FDIC insurance limit of $100,000?

Answer 1

The $100,000 FDIC Insurance is for all accounts held by the same individual at one bank.  So, if you have accounts at 5 separate banks (not branches), then you would have a total of $500,000 in total FDIC coverage ($100,000 per bank).

Answer 2

The insurance is per depositor, per bank. Visit this site and learn more!

http://www.fdic.gov/deposit/deposits/ins...

Answer 3

$50,000 at each bank is fine. you are insured $150,000

You can do up to $100,000 at each bank. It is per account.

Answer 4

If you have $50K each in three different banks, then all three accounts are covered.  If you had three $50K accounts all in ONE bank, then you would not be fully covered.

Answer 5

if they are at 3 DIFFERENT banks you are ok.  if they are 3 different BRANCHES of the same bank, you are covered up to the $100,000.