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2. Sorry, that is incorrect.
The correct answer is "True."
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.
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