7 Things Seniors (and Everyone Else) Should Know About FDIC Insurance
Older Americans put their money and their trust in FDIC-insured bank accounts because they want peace of mind about the savings they’ve worked so hard over the years to accumulate. Here are a few things senior citizens should know and remember about FDIC insurance.
1. The basic insurance limit is $100,000 per depositor per insured bank. If you or your family has $100,000 or less in all of your deposit accounts at the same insured bank, you don’t need to worry about your insurance coverage. Your funds are fully insured. Your deposits in separately chartered banks are separately insured, even if the banks are affiliated, such as belonging to the same parent company.
2. You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. There are several different ownership categories, but the most common for consumers are single ownership accounts (for one owner), joint ownership accounts (for two or more people), self-directed retirement accounts (Individual Retirement Accounts and Keogh accounts for which you...
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