Posted by KAZUKO (CO) on March 28, 2008 at 04:11:51:
In Reply to: FDIC/bank insurance questions posted by Grendel on March 26, 2008 at 13:29:04:
FDIC insures deposits up to $100,000 per account name per bank. If Mr.Wealthy has $60,000 in checking account and another $60, 000 in saving account in the same bank, only $100,000 at total is covered and the rest of $20,000 is not covered. Mrs. Wealthy can have $100,000 covered in her individual account. Then if Mr. and Mrs. Wealthy have a joint account, another $100,000 held in joint account is also covered. So technically a married couple can have $300,000 insured in one bank. If they own a business and have anotner account in their company's name, they can have up to $400,000 covered in one bank. If they have more than $ 400,000 in that bank, they had better open account(s) in a different bank and transfer excess money to get insured. This is what I read in a newspaper financial section, when I had the same question as you.