Each depositor insured to at least $250,000 per insured bank

Home > Consumer Protection > Consumer News & Information > FDIC Consumer News - Fall 2001

FDIC Consumer News - Fall 2001

Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

  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...

Back to the Quiz

Last Updated 11/23/2001 communications@fdic.gov