Question

2. You have three different accounts at the same insured bank: A. $250,000 checking with your spouse B. $250,000 savings with your mother c. $250,000 CDs with your grandfather Calculate the amount of FDIC coverage for each of the depositors

Answer 1

Each co-owner of a joint account is insured up to $250,000 for the combined amount of his or her interests in all joint accounts at the same IDI. In determining a co-owner's interest in a joint account, the FDIC assumes each co-owner is an equal owner unless the IDI records clearly indicate otherwise.

So the amount of coverage for

You - $ 7,50,000

spouse - $ 2,50,000

Mother - $ 2,50,000

Grandfather - $ 2,50,000