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On October 3, 2008, President George Bush signed the Emergency Economic Stabilization Act of 2008 that enhanced the FDIC coverage amounts and definitions for banking customers. These new rules are now in effect until December 31, 2013.
Here is one example on how a married couple can receive $1,000,000 worth of FDIC insurance in interest bearing accounts:
Joint Ownership Accounts |
| Account Nickname |
Owners |
Beneficiaries |
Balance |
| Husband and Wife |
Husband, Wife |
None |
$500,000 |
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Living Trust/POD Accounts |
| Account Nickname |
Owners |
Beneficiaries |
Balance |
| Husband POD Wife |
Husband |
Wife |
$250,000 |
| Wife POD Husband |
Wife |
Husband |
$250,000 |
This information was obtained by visiting the FDIC website.
If you are considering moving funds to create stability in your portfolio, give us a call or stop by one of our branches. Our courteous and professional bankers stand ready to explain these new limits and how you can simplify your banking while maintaining the absolute maximum coverage.
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