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FDIC Insurance (Federal Deposit Insurance Corporation)

In 1933, Congress established the Federal Deposit Insurance Corporation to protect the money of the American people in case of financial institution failure. FDIC insurance covers all deposit accounts including savings, checking and Certificates of Deposit and is backed by the full faith and credit of the United States.

The basic amount of coverage is $250,000.00 per depositor. However, coverage is based on legal ownership. Therefore, with proper titling of accounts, a depositor could insure more than $250,000.00 at the same bank.
Different types of legal ownership include sole ownership, joint ownership and testamentary (Payable on Death) accounts.
  • Sole ownership accounts are owned by one person and include funds held in a sole proprietorship format.
  • Joint accounts are owned by two or more individuals.
  • Testamentary (POD) accounts are accounts held either jointly or solely where funds are payable on death to one or more beneficiaries.
To qualify as an eligible POD beneficiary, the beneficiary must be a living person, a charity or a non-profit organization. If a charity or non-profit organization is named as beneficiary, it must qualify as such under Internal Revenue Service (IRS) regulations.

The account must be specific so that upon the death of the owner, the funds are payable directly to the named beneficiaries. This information must be on record with the bank prior to death.
An example of FDIC coverage for a husband and wife is given below:
John Doe, sole owner $250,000.00
Jane Doe, sole owner $250,000.00
Sole ownership accounts
John and Jane Doe, joint owners $500,000.00
Joint ownership accounts
John POD to Jane $250,000.00
Jane POD to John $250,000.00
Testamentary accounts
Total Insured Deposits $1,500,000.00
Your total insured deposit amount can grow if additional qualifying beneficiaries are added to the existing POD accounts. 

For more information, visit the FDIC's website at The FDIC offers EDIE (Electronic Deposit Insurance Estimator) to help you determine your coverage. You can also call the FDIC toll-free 1-877-ASK-FDIC, or speak with a bank representative.
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