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2. Joint Accounts
In addition to insurance for individual accounts, the FDIC also provides separate insurance for any Joint Accounts. A joint account is one that you hold with someone else and you both are equal owners of the money.
The FDIC will fully cover a joint account for up to $200,000, meaning you and your co-owner would be eligible for $100,000 each of full coverage. That $100,000 of coverage you each get for the joint account(s) is in addition to the $100,000 you each also get from the bank for accounts that are in your name only.
Example
YOU COULD HAVE
1. In YOUR NAME ONLY:
A checking account with $10,000 in it
A savings account with $80,000 in it
A $10,000 CD
---------------
Total= $100,000 = Fully Insured.
AND IN ADDITION TO THE ACCOUNTS ABOVE YOU COULD ALSO HAVE
2. In JOINT ACCOUNTS:
A checking account with $30,000 in it
A savings account with $160,000 in it
A $10,000 CD
----------------------
Total insured for this account is $200,000. Fully insured $100,000 per account holder.
Your total coverage at that bank in just your name is $200,000: $100,000 for the money in individual accounts another $100,000 for your half of the money in the joint accounts. Of course the other $100,000 in the joint account is insured under the other joint owners name as well. So it is possible to have way more than $100,000 of FDIC insurance at one bank in cases like this.
Let me give you a few more examples of how FDIC insurance can work
Example
THIS IS ALL AT ONE BANK
1. In YOUR NAME ONLY:
A checking account with $10,000 in it
A savings account with $80,000 in it
A $10,000 CD
---------------
Total = $100,000 = Fully Insured.
2. In your spouses or life partner’s name
A checking account with $30,000 in it
A savings account with $50,000 in it
A $20,000 CD
---------------
Total = $100,000 = Fully Insured.
3. In JOINT ACCOUNTS with you and your life partner or spouse
A checking account with $20,000 in it
A savings account with $160,000 in it
A $10,000 CD
----------------------
Total insured for this account is $200,000. Fully insured $100,000 per account holder.
This would give you and your life partner or spouse a total of $400,000 of FDIC insurance at one bank.
IRA ACCOUNTS
If you have an IRA account at the same bank as your other accounts, the IRA is fully insured by the FDIC up to $250,000. That $250,000 is in addition to the coverage discussed above. Please note that FDIC insurance only covers cash instruments not stocks or mutual funds.
EXAMPLE
1. In YOUR NAME ONLY:
A checking account with $10,000 in it
A savings account with $80,000 in it
A $10,000 CD
---------------
Total = $100,000 = Fully Insured.
2. In your spouses or life partner’s name
A checking account with $30,000 in it
A savings account with $50,000 in it
A $20,000 CD
---------------
Total = $100,000 = Fully Insured.
3. In JOINT ACCOUNTS with you and your life partner or spouse
A checking account with $20,000 in it
A savings account with $160,000 in it
A $10,000 CD
----------------------
Total = $200,000. Fully insured for $100,000 per account holder.
4. IRA
An IRA in just your name with up to $250,000 in it. Fully Insured.
5. An IRA in your spouse or life partners name with up to $250,000 in it. Fully insured.
Total Insured at this one bank:
$100,000 in individual account.
$100,000 in your spouse or life partner’s individual account
$200,000 for both of you in a joint account
$250,000 for your IRA account
$250,000 for your spouses or life partners IRA account
----------------
$900,000 total.
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