FDIC insurance - I have reviewed Yahoo answers and asked banks - still no firm understanding.?

Are my funds insured for $100,000 EACH account at each bank, or only the total of all accounts up to 100,000?

IE: I have a Money Market at 90,000 4 individual CD%26#039;s totalling 250,000, a reg. Savings and checking averaging $10,000, each a different individual account #,(7) but my name and SS#. Am I insured for the entire $350,000 in the event of failure, or only $100,000? I have a considerable brokerage account and wish to keep bank monies fluid and separate for personal reasons. I just need to know for sure if I should put the CD%26#039;s/MM funds is 3 other banks (even at a lesser interest rate) for absolute safety?

FDIC insurance - I have reviewed Yahoo answers and asked banks - still no firm understanding.?annual credit report

To insure your $350,000 at once institution, you would need to have it this way:

Jane Doe (individual account)

$100,000

Jane Doe Jr. (minor #1%26#039;s name first)

Jane Doe

$100,000

John Doe Jr. (minor #2%26#039;s name first)

Jane Doe

$100,000

Jane Doe Living Trust

$100,000

Or some combination thereof. Otherwise, you need to move the extra $250k to another institution. If the rates aren%26#039;t as high, ask to speak with a manager. Tell her that you%26#039;re bringing %26quot;NEW MONEY%26quot; from another bank and that you want them to match the rate. You%26#039;d be amazed what banks will do for new deposits these days. Good luck!

FDIC insurance - I have reviewed Yahoo answers and asked banks - still no firm understanding.?

loan

The FDIC website explains it all.|||You are insured according to social security number. It doesn%26#039;t matter how many accounts you have the limit is $100k. Move the additional funds out of that bank quickly but don%26#039;t incur penalties for early withdrawal.|||%26quot;The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank.

If you and your family have $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage -- your deposits are fully insured.%26quot;

So diversify between different banks, not accounts in the same bank.|||All of your Individual Accounts that have only your SSN on them are insured for $100,000 USD. If you were to place beneficiaries on any of those accounts then each beneficiary named on the accounts would bee added together and an additional $100,000 would be insured.

You can read what I have placed below as this explains each area of various account types. You also can go to this URL which explains very simply about what is insured by the FDIC.

Then if you are still needing some assistance, you can print that entire page and take to your financial institution and have them explain each one in detail to you.

http://www.investopedia.com/articles/pf/...

The maximum insurance is as follows:

* as of 1980 changed to $100,000 for all accounts

* as of 2006 additional change to $250,000 for self-directed retirement accounts

What%26#039;s Covered:

The FDIC insurance covers the principal and any accrued interest through the date of the insured bank%26#039;s closing on all your bank deposits including: checking, savings, money markets, and CDs. FDIC does not insure investments in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if you bought these from an insured bank. U.S. Treasury bills, bonds and notes are also excluded. These are backed by the full faith and credit of the U.S. government. (To learn more about how to read your insurance contract, see Understand Your Insurance Contract.)

Ownership Counts:

The amount of coverage you have depends on how you establish the ownership and, if applicable, beneficiary designations.

Single Accounts:

Single accounts include those:

* Held in one person%26#039;s name

* Opened under the Uniform Transfers to Minors Act (UTMA)

* For a sole proprietorship

* Established for a decedent%26#039;s estate

The FDIC coverage is $100,000 for the total of all single accounts owned by the same person at the same insured bank.

Joint Accounts:

Joint accounts are owned by two or more people. To qualify, all co-owners must:

* Be people, not legal entities such as corporations

* Have equal rights to withdraw funds

* Sign the deposit account signature card

Each co-owner%26#039;s share of every account that is jointly held at the same insured bank is added together. The maximum insured value for each co-owner is $100,000.

Self-Directed Retirement Accounts

Self-directed retirement accounts are retirement accounts in which the owner - not a plan administrator - directs how the funds are invested. Examples include:

* Traditional IRAs

* Roth IRAs

* Simplified Employee Pension (SIMPLE) accounts

* Section 457 deferred compensation plans

* Self-directed Keogh accounts

* Self-directed defined-contribution plans, for example, 401(k) plans

All self-directed retirement funds owned by the same person in the same FDIC-insured bank are combined and insured up to $250,000. This means that your traditional IRAs are added to your Roth IRAs and all other self-directed accounts to get the total.

Revocable Trust Accounts

When you set up a revocable trust account, you generally indicate that the funds will pass to named beneficiaries upon your death. (To learn more, see Establishing A Revocable Living Trust.)

Payable-On-Death (POD) Accounts

Your POD account is insured up to $100,000 for each beneficiary. However, there are some requirements, including:

* The account title must include a term such as:

o Payable-on-death

o In trust for

o As trustee for

* Your beneficiaries must be identified by name in your bank%26#039;s deposit account records.

* You can only name %26quot;qualifying%26quot; beneficiaries. These would be your:

o Spouse

o Child

o Grandchild

o Parent

o Sibling

Others, including in-laws, cousins and charities, do not qualify.

Therefore, if you set up a POD account naming your three children as beneficiaries, each child%26#039;s interest would be FDIC insured for up to $100,000, and your account would have $300,000 in potential coverage.

Living or Family Trust Accounts

Living or family trust accounts are insured up to $100,000 for each named beneficiary as long as you follow the rules:

* The account title must include a term such as:

o Living trust

o Family trust

* Your beneficiaries must be %26quot;qualifying%26quot; as described above

If you don%26#039;t meet the requirements the amount in the trust, or any portion that does not qualify, is added to your other single accounts at the same insured bank and insured for up to $100,000.

You may be glad to learn that the coverage extends to more than one group of qualifying beneficiaries. For example, suppose you specify in your living trust that after your death your spouse is to receive an income during his or her lifetime. Then when he or she dies, your four children will get equal shares of what remains. Your account would be insured for $100,000 for each beneficiary (spouse and four children) for a total of $500,000.

Irrevocable Trust Accounts

The interest of each beneficiary of an irrevocable trust you establish at the same insured bank is covered up to $100,000. There are no %26quot;qualifying%26quot; beneficiary rules. But the following requirements must be met; otherwise the trust will fall into your $100,000 maximum single account classification:

* The bank%26#039;s records must disclose the existence of the trust relationship.

* The beneficiaries and their interests must be identifiable from the bank%26#039;s or the trustee%26#039;s records.

* You cannot specify conditions beneficiaries must meet, such as a child must get a college degree, to qualify for the inheritance. (For more insight, read Encouraging Good Habits With An Incentive Trust.)

* The trust must be valid under state law.

* You cannot retain an interest in the trust.

Employee Benefit Plan Accounts

Employee plans that are not self-directed, for instance pension plans or profit-sharing plans, fall into this category. Each participant is insured up to $100,000 for his or her non-contingent interest.

Corporations, Partnerships, Associations and Charities

Deposits owned by a corporation, partnership, association or charity are insured up to $100,000. This amount is separate from the personal accounts of the stockholders, partners, or members. However, they must be engaged in an %26quot;independent activity%26quot; other than existing for the purpose of increasing FDIC insurance coverage.

The number of stockholders, partners, or members has no bearing on the total coverage. For example, a property owners%26#039; association with 50 members will only qualify for $100,000 maximum insurance, not $100,000 per each member.

I hope this helps you.

Have a nice day,

TS