How does the FDIC works?

Question

i was wondering on how it works

so saying that if i have like 500,000 dollars in my savings acount and like 11,000 dollars in my ckeckings the FDIC will cover for 511,000 dollars if i get stolen? or something happends?

so they will pay me back what was stolen right?

Answer 1

You are not responsible if the bank is robbed or via bank fraud that is not linked to you.

If you have over $100,000, and the bank is seized by the FDIC, the FDIC will guarantee $100,000. The rest could be a loss.

You can have $100k in single person's name ("Jane Doe"), $100k in joint person's name "John and Jane Doe", $100k in a trust "Jane Doe Family Trust"), and each of these are counted as 3 separate account.

If you have 5 accounts with $100k each, and the accounts are all plated the same:

example:

Account 1: "Jane Doe"

Account 2: "Jane Doe"

Account 3: "Jane Doe"

Account 4: "Jane Doe"

Account 5: "Jane Doe"

then they are considered one person and protected up to $100k only.

Answer 2

Well I don't know exactly what you mean by stolen

The FDIC which stands for  The Federal Deposit Insurance Company

will cover depositor's up to 100,000.00 if the bank has trouble

and needs to close its door

really nothing to do with theft.