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FDIC Consumer News - Fall 2001
Special Report on FDIC Insurance
3. Sorry, that is incorrect.
The correct answer is "False."
JOINT ACCOUNTS. The FDIC greatly simplified the rules in 1999 to insure each
person's share in all joint
accounts at an institution up to $100,000. Let's say you and a spouse own a
$200,000 joint account and
neither of you owns other joint accounts at the same insured institution. Under
the rules, each of you
would be insured for $100,000, and thus, the $200,000 joint account would be
fully protected. If you have
more than one joint account at an institution and with more than one co-owner,
the rules say you cannot
be insured for more than $100,000 for your share of all those joint accounts.
Even though the joint
account rules are straightforward, the recent bank failures indicate that there
are still depositors
exceeding the insurance limit.
See full story...
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