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FDIC Consumer News - Spring 1999

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 recent 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.

1. Sorry, that is incorrect.

The correct answer is "True." Under the insurance rules, sole proprietorship accounts (unlike corporate or partnership accounts) are added to any personal accounts the owner may have at the same
institution. Similarly, if a sole proprietorship is owned jointly by a husband and wife (permissible in some states), the business account would be insured as a joint account (presuming it satisfies the FDIC's requirements for joint accounts).

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Last Updated 07/28/1999 communications@fdic.gov