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FDIC Consumer News - Fall 2001
Special Report on FDIC Insurance
2. If you picked "True" you are correct.
RETIREMENT ACCOUNTS: In general, deposits you keep at a bank for retirement
purposes, such as
Individual Retirement Accounts (IRAs) and Keoghs, are added together and insured
up to $100,000. And
your retirement funds are insured separately from your other types of deposits
at the same bank. "Even
though the rules are pretty clear—anything more than $100,000 in IRAs at one
bank is uninsured,
period—it's extremely common to find customers with retirement funds over the
limit," says the FDIC's
Becker. One big reason, he says, is that some people take a lump-sum
distribution from a pension fund,
often involving a lot of money after many years of work, and they deposit it
into one account simply
because they didn't realize they could divide that money among different
financial institutions.
See full
story...
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