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4. TRUST ACCOUNTS and Pay on Death (POD accounts)
If you have any money on deposit at a bank that is part of a trust or is structured as a Pay on Death account the rules for full FDIC insurance can be a bit tricky. The last thing you want to do is take the word of a bank teller who may or may not know the real rules. If you have a trust account or a POD account I urge you to make sure you do you own safety check and understand what is and is not insured. It is too complicated to explain right here but I recommend following the directions below so you know if you are or are not insured by the FDIC.
DO YOUR OWN SAFETY CHECK
To be super safe I recommend everyone go to the FDIC website and take the time to use their Electronic Deposit Insurance Estimator (EDIE).This free tool will show you exactly what is and is not insured in your personal bank accounts. Click the WALK ME THROUGH button at the bottom of the page and you are on your way to knowing exactly how safe your money is.
The bottom line is that the details of what is, and is not, covered by the FDIC insurance program can be very confusing. Take the time to make sure your money is safe. If you find you have money that is not insured move it immediately to another FDIC insured bank.
Now you know.
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