FDIC
With the Fall of IndyMac recently, I thought it would be a good idea to go over FDIC insurance. Here’s a few commonly asked questions and their answers:
Do multiple accounts at the same bank increase your insured totals?
Usually no. If you have an individual account, and a business account or a joint account, that can increase your coverage. But for 2 individual accounts (checking/savings) you only get the $100,000 covered.
How much coverage do married couples get at 1 bank?
Well, you can get up to $400,00 at one bank if you maximize your coverage. $100,000 for each individual account and $200,000 in your joint account, totaling $400,000. Another financial advantage of getting married.
Are business accounts covered by FDIC insurance?
Yes, however, sole proprietorships don’t count as businesses in this regard, sorry. Business accounts will get up to $100,000 insurance just like individuals.
Hope this helped.