I received lots of comments and questions on my last article about the safety of banks and how the FDIC insurance works. Here’s a quick rundown:

Yes, you can be covered for more than $100,000 based on how the account is titled. For example, you can have account(s) for 1$00,000, your spouse can have account(s) for $100,000  and you can have joint accounts for $200,000. Note: Joint Trust accounts are not included in this ownership. For more information, see the FDIC publication, “Insuring Your Deposits.”

You can also confirm that your accounts are covered by the FDIC at EDIE – Electronic Deposit Insurance Estimator. It will allow you to calculate the insurance coverage of your accounts at each FDIC-insured institution.

Someone else wrote in to ask why anyone would have that much cash in a bank anyway? That’s a good question and I’ll address that in a future article.

Warmly,

Cindy