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FDIC
Federal Deposit Insurance Corporation - Wikipedia
Ownership categories
Each ownership category of a depositor's money is insured separately up to the insurance limit, and separately at each bank. Thus a depositor with $250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $250,000, for total insurance coverage of 6 × $250,000 = $1,500,000.
[7] The distinct ownership categories are
[7]
- Single accounts (accounts not falling into any other category)
- Certain retirement accounts (including Individual Retirement Accounts (IRAs))
- Joint accounts (accounts with more than one owner with equal rights to withdraw)
- Revocable trust accounts (containing the words "Payable on death", "In trust for", etc.)
- Irrevocable trust accounts
- Employee Benefit Plan accounts (deposits of a pension plan)
- Corporation/Partnership/Unincorporated Association accounts
- Government accounts
All amounts that a particular depositor has in accounts in any particular ownership category at a particular bank are added together and are insured up to $250,000.
For joint accounts, each co-owner is assumed (unless the account specifically states otherwise) to own the same fraction of the account as does each other co-owner (even though each co-owner may be eligible to withdraw all funds from the account). Thus if three people jointly own a $750,000 account, the entire account balance is insured because each depositor's $250,000 share of the account is insured.
The owner of a revocable trust account is generally insured up to $250,000 for each unique beneficiary (subject to special rules if there are more than five of them). Thus if there is a single owner of an account that is specified as in trust for (payable on death to, etc.) three different beneficiaries, the funds in the account are insured up to $750,000.
Insured products
FDIC deposit insurance covers
deposit accounts, which, by the FDIC definition, include:
Accounts at different banks are insured separately. All branches of a bank are considered to form a single bank. Also, an
Internet bank that is part of a
brick and mortar bank is not considered to be a separate bank, even if the name differs. Non-US citizens are also covered by FDIC insurance as long as their deposits are in a domestic office of an FDIC-insured bank.
[59]
The FDIC publishes a guide entitled "Your Insured Deposits",
[60] which sets forth the general characteristics of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance
vibes.
