Living trust and FDIC insured question?

Question

If I set up 4 separate certificates of deposit, each with a different beneficiary, less than $100,000 in each CD, but the total of all four is over $200,000, am I fully insured by FDIC?

Answer 1

You didn't give enough information to say.

Beneficiaries have nothing to do with FDIC insurance. Only the account holder in insured. You are insured for up to $100,000 PER BANK. If your CDs are each in a different bank, you are fully insured. If they all are in the same bank, you are only insured up to $100,000.

If you spread your money into two or more different banks, make sure they are truly two different banks. Sometimes banks do business under more than one name. But they are the same bank for insurance purposes.