Talk of The Villages Florida - View Single Post - FDIC and Beneficiaries
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Old 03-17-2023, 06:38 AM
gmdds gmdds is offline
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Default 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.