Depends on how the accounts are set up!
You could be covered for several million at one institution….it all depends on how the accounts are set up. See example below:
Account 1…Husband Depositor TOD Grandchild 1
Account 2…Husband Depositor TOD Grandchild 2
Account 3…Husband Depositor TOD Grandchild 3
Account 4…Wife Depositor TOD Grandchild 1
Account 5…Wife Depositor TOD Grandchild 2
Account 6…Wife Depositor TOD Grandchild 3
In the above scenario, each account is covered for up to $250,000, for a total of $1.5M in FDIC coverage.
The scenario could go on and on, depending on the different accounts set up variations, beneficiaries, etc.
The FDIC has an online worksheet/wizard, to help you see if you are covered.
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