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

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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.

Winter 2003/2004

A Final Exam
4. Sorry, that is incorrect.

The correct answer is "True."

Even though the depositor is recognized as the owner of the funds, the FDIC insures POD and other revocable trust accounts (including living trusts) up to $100,000 for each "qualifying" beneficiary ($200,000 if there are two qualifying beneficiaries, $300,000 if there are three, and so on). Which beneficiaries qualify? Under the FDIC's rules, they are a depositor's spouse, child, grandchild, parent or sibling. Stepparents, stepchildren, adopted children and similar relationships also qualify. See full story...

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Last Updated 03/04/2004 communications@fdic.gov