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The standard deposit insurance coverage limit, as offered at banks that are members of the Federal Deposit Insurance Corp. (FDIC), is $250,000 per depositor, per bank, per ownership category.
The standard FDIC deposit insurance coverage limit is $250,000 per depositor, per FDIC bank, per ownership category. This means each depositor is insured to at least $250,000 at an FDIC-insured bank.
With joint accounts, the FDIC insurance covers up to $250,000 per co-owner — or $500,000. However, this limit applies to all joint accounts that you share at a bank.
Thus if three people jointly own a $750,000 account, the entire account balance is insured because each depositor's $250,000 share of the account is insured. The owner of a revocable trust account is generally insured up to $250,000 for each unique beneficiary (subject to special rules if there are more than five of them).
The FDIC insures up to $250,000 per depositor, per insured bank, as a result of the Emergency Economic Stabilization Act of 2008, which raised the limit from $100,000. [ 6 ] The receivership of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history.
With up to $250,000 in coverage per depositor, per FDIC-insured bank, per ownership category, it’s important for individuals and businesses to understand the limits and guidelines of this insurance.
The simplest way to make sure your deposits of more than $250,000 are covered is to move any excess money into a new account at a different FDIC-insured bank. The FDIC insures up to $250,000 per ...
While S&Ls were freed to pay depositors higher interest rates, the institutions continued to carry large portfolios of loans paying them much lower rates of return; by 1981, 85 percent of the thrifts were losing money and the congressional response was the Garn–St Germain Depository Institutions Act of 1982. [5]