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Please help settle an argument for me.
I told my Aunt that FDIC will insure up to $100,000 per bank. However, my Aunt insists that the FDIC will insure up to $100,000 per account, in the same bank.
I told her I heard that on the Suze Orman Show and she said she heard hers from the bank and the old folks at the Meals On Wheels Program.
Who is correct? Please help settle this argument!
Thank you!
I'd always heard it was per bank. Hubby and I were talking about this very same subject the other day.
Just pulled this off the FDIC website:
Quote:
What is the FDIC insurance amount?
The basic insurance amount is $100,000 per depositor, per insured bank. This includes principal and accrued interest up to a total of $100,000. The $100,000 amount applies to all depositors of an insured bank except for owners of certain retirement accounts, which are insured up to $250,000 per owner, per insured bank.
Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank.
Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $100,000 at one insured bank and still be fully insured. For more information on deposit insurance coverage, see the FDIC’s brochure “Your Insured Deposits” which can be accessed at www.fdic.gov/deposit/deposits/insured
See that, you learn something new on Pet Talk all of the time. Although I don't have to worry about ever getting close to that amount, I always thought it was per account, not per account holder. Very interesting.