FDIC insurance for bank investments - do you have a link to how to calculate

Forum|Forum|2 years ago
August 2, 2023
3 replies
26 views

Banker told me that the 250K FDIC insurance can be increased if beneficiaries are included in the calculation. I'd like to be better informed how that works.

ProSeries Professional

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Best answer by George4Tacks

Look in the link for revocable trusts.

What are you thinking of when you use "beneficiaries"?

N

Norman2001

Level 6

https://edie.fdic.gov/fdic_info.html#03

G

GretaAuthor

Level 7

Good link. All examples seem to say "with no beneficiaries." How do the beneficiaries change the calculation?

IRonMaN

Level 15

I don't believe adding beneficiaries to an account increases FDIC coverage. But if those beneficiaries are changed to joint owners, that would increase coverage since each owner would be allowed $250,000 of coverage on the account

Slava Ukraini!

qbteachmt

Level 15

Audio and transcript: https://www.suzeorman.com/blog/Podcast-Episode-Suze-School:-What-you-need-to-know-about-FDIC-insurance

Don't yell at us; we're volunteers

PATAX

Level 12

Also as far as I know, if the bank goes under, all of the applicable accounts and applicable amounts under the applicable social security number, are combined into one, and if that is in excess of $250,000, then the person may be up s*** crick. You can look into this yourself but I believe this is the case.

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