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NCUA insurance, like FDIC insurance, is backed by the full faith and credit of the U.S. government and provides the same $250,000 coverage per account ownership category as the FDIC.
The FDIC and NCUA insure deposits up to $250,000 "per depositor, per bank and per ownership category." But what does this mean, exactly? Per depositor means that the insurance limit applies to ...
FDIC-insured institutions are permitted to display a sign stating the terms of its insurance—that is, the per-depositor limit and the guarantee of the United States government. The FDIC describes this sign as a symbol of confidence for depositors. [52]
The FDIC insurance limit of $250,000 includes principal and interest. If you deposit $250,000, and it earns $4,000 in interest, you are insured for only $250,000 if your bank fails.
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.
What isn't changing is that the FDIC still insures up to $250,000 per depositor and per account category at each bank. Here's how that works: Say you have $250,000 in an individual savings account ...
Joint accounts are insured for $250,000 per co-owner, so a $500,000 CD owned by two joint account holders would be fully insured because each account holder is insured for up to $250,000.
FDIC Insurance Limits. ... While savings accounts carry FDIC insurance, the amount is limited to $250,000 per account holder for every account. This means if you open a savings account and dump in ...