What does FDIC mean?

Question

I'm assuming that if I have more than one account at "said" bank that is FDIC insured that each account is insured for up to $100.000.00.

Is that correct?

Thanking you ahead in this matter,

Isaac

Answer 1

Federal Deposit Insurance Corporation.  They insure the accounts of up to $100,000 per person per bank.  They will not insure over $100,000 if you have multiple accounts at the same bank.  You would need to go to a second bank, in that case.