FDIC - $250,000 Limit clarification

[Joe Kano 327]

Can someone verify that if a single depositor has over $250,000 in a bank account but it is broken out in two accounts per example : Saving has 200K, and Checking has 75K, then only 250K is federally insured?

 

 

[JeanneAdil 6,491]

Although not an immigration question your answers can be found on internet and the FDIC website

 

Read this and watch the videos to know if your bank is insured

 

https://www.fdic.gov/deposit/deposits/

 

The Federal Deposit Insurance Corporation (FDIC) protects consumers against loss if their bank or thrift institution fails. Not all institutions are insured by the FDIC. Eligible bank accounts are insured up to $250,000 for principal and interest.

[Joe Kano 327]

28 minutes ago, JeanneAdil said:

Although not an immigration question your answers can be found on internet and the FDIC website

 

Read this and watch the videos to know if your bank is insured

 

https://www.fdic.gov/deposit/deposits/

 

The Federal Deposit Insurance Corporation (FDIC) protects consumers against loss if their bank or thrift institution fails. Not all institutions are insured by the FDIC. Eligible bank accounts are insured up to $250,000 for principal and interest.

Immigrants don't have bank accounts?   My wife is going thru the immigration process and I am trying to protect my cash.

 

So I did read that, here is part I am not up on:  The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category

 

So is the Account Ownership part, means a saving account and checking account considered two seperate account ownership, or since they are in the same bank it a 250k limit.

 

If you have a account with two peoples name on it then each person gets 250K, so you get a $500K FDIC insurance.

 

It's the fine print I am trying to figure out

 

[Letspaintcookies 2,310]

How about asking your bank? 

[Joe Kano 327]

9 minutes ago, Letspaintcookies said:

How about asking your bank? 

Not open

 

Plus I want a reliable source as well

 

A few years ago the bank manager at Bank of America told me it was illegal to carry my pistol concealed in there, which is not true in Texas.

Edited July 13, 2021 by Joe Kano

[Letspaintcookies 2,310]

11 minutes ago, Joe Kano said:

Not open

 

Plus I want a reliable source as well

 

A few years ago the bank manager at Bank of America told me it was illegal to carry my pistol concealed in there, which is not true in Texas.

I see a pattern here....

See we are good with immigration stuff here, not necessarily specialized in banking. Just like the bank manager back then wasn't good informed in gun laws but I bet he knows his stuff about banking 😉

[Joe Kano 327]

8 minutes ago, Letspaintcookies said:

I see a pattern here....

See we are good with immigration stuff here, not necessarily specialized in banking. Just like the bank manager back then wasn't good informed in gun laws but I bet he knows his stuff about banking 😉

Maybe so, but I don't want to go to the bank and rely on one persons opinion or answer, I have found getting independent and non biased answers help me find the real answer. 

 

I am thinking for a single depositor you are only insured up to 250K per bank.  Regardless of how many accounts you have in that single bank.

[belinda63 3,038]

Just use two different banks and save the questions.

[carmel34 3,621]

lots of good information on the FDIC website FAQ with links that should answer all your questions:

 

https://www.fdic.gov/resources/deposit-insurance/faq/index.html

 

 

[JeanneAdil 6,491]

3 hours ago, Joe Kano said:

Immigrants don't have bank accounts?   My wife is going thru the immigration process and I am trying to protect my cash.

 

So I did read that, here is part I am not up on:  The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category

 

So is the Account Ownership part, means a saving account and checking account considered two seperate account ownership, or since they are in the same bank it a 250k limit.

 

If you have a account with two peoples name on it then each person gets 250K, so you get a $500K FDIC insurance.

 

It's the fine print I am trying to figure out

 

the $250,000 is per account not per person

you should have gotten written papers when you opened the account explaining the bank obligations and requirements

you can put the extra (over the $250,000)   into a separate account / each account is insured 

check 1st to make sure your bank is FDIC  (usually its right on windows and web page , etc  as its a matter of pride to them)

if the bank (or credit union) is not ,  move your money to one that is

the FDIC has a list of all banks insured 

[Lucky2Lucky 2,526]

8 hours ago, Joe Kano said:

Not open

 

Plus I want a reliable source as well

 

A few years ago the bank manager at Bank of America told me it was illegal to carry my pistol concealed in there, which is not true in Texas.

An internet stranger is not a reliable source when it comes to what your bank may or may not protect.

Your bank manager may not be up to date on gun laws but I am sure he is up to date on bank laws.  

[PGA 240]

https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits/

 

This site seems like it has good information.

 

I would also think if you had $500,000, for example, you could do $250,000 at Bank of Anywhere and $250,000 at First National Bank of Anywhere. Alternatively, you could deposit it into my account and I promise I'll keep it safe 😅

[Nitas_man 3,100]

6 hours ago, JeanneAdil said:

the $250,000 is per account not per person

you should have gotten written papers when you opened the account explaining the bank obligations and requirements

you can put the extra (over the $250,000)   into a separate account / each account is insured 

check 1st to make sure your bank is FDIC  (usually its right on windows and web page , etc  as its a matter of pride to them)

if the bank (or credit union) is not ,  move your money to one that is

the FDIC has a list of all banks insured 

It’s 250 per depositor.  So a joint account is 500k

That 250k?  No matter how many accounts its divided into that’s the limit

 

Add a spouse or use two banks

[Lemonslice 4,835]

If you have more than $250k, you can also look into CDARS - useful at times.

 

https://www.thebalance.com/cdars-certificate-of-deposit-account-registry-service-315244

[JeanneAdil 6,491]

1 hour ago, Nitas_man said:

It’s 250 per depositor.  So a joint account is 500k

That 250k?  No matter how many accounts its divided into that’s the limit

 

Add a spouse or use two banks

i stand corrected