CAN I INCREASE MY INSURANCE COVERAGE BY OPENING SEVERAL DIFFERENT ACCOUNTS AT THE SAME FDIC-INSURED BANK?

Yes. Deposit insurance coverage can be increased when accounts at the same bank are held in different categories of ownership. The most common ownership categories are single accounts, joint accounts, revocable trust accounts, and self-directed retirement accounts. Single accounts are owned by one person and titled in that person’s name only. All of a person’s single titled accounts at the same bank are added together and insured for up to $100,000. For example, if you have a checking and a savings account at the same bank, both in your name alone, the balances in both accounts are added together and insured for up to $100,000. WHAT IF I ALSO HAVE MONEY IN A JOINT ACCOUNT? Joint accounts are owned by two or more people who have equal rights to deposit and withdraw money from the account. Each person’s share of all accounts that are jointly held at the same insured bank are added together and the total is insured for up to $100,000. For example, a husband and wife can have up to $200, ...