The FDIC has raised their insurance limits on deposit accounts from $100,000 to $250,000. This means joint accounts can now be covered up to $500,000 in the event of a bank failure.
This should help build some confidence in our nation’s banks and possibly encourage people to save some money. Here’s the breakdown from FDIC.gov:
Single Accounts (owned by one person): $250,000 per owner
Joint Accounts (two or more persons): $250,000 per co-owner
IRAs and certain other retirement accounts: $250,000 per owner
Trust Accounts: $250,000 per owner per beneficiary subject to specific limitations and requirements
Corporation, Partnership and Unincorporated Association Accounts: $250,000 per corporation, partnership or unincorporated association
Employee Benefit Plan Accounts: $250,000 for the non-contingent, ascertainable interest of each participant
Government Accounts: $250,000 per official custodian
No user responded " FDIC raises coverage to $250,000 "