Quote:
Originally Posted by Golfer222
Does adding a beneficiary to a savings acount double the FDIC limit to 500,000
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Quick answer, assume not. There is an option to protect your deposit. Look into an ICS (aka Sweep) account. Link it to your main account and choose a target for the prime account (I choose 50k for highly used accounts and 10k for the others). Anything over your target is swept to the ICS account which deposits your cash in various banks, keeping the balance in each under 250,000.00)
A point many may not know, if you have multiple accounts (different bank account numbers) i, let's say Chase, you are
not insured up to 250,00. in each. The total accounts are combined (per tax id# or ss#). Another point to keep in mind, Many banks have merged over the past five years (some are BBT, Ameris, Suntrust, Fidelity and many more). If you had 250k in two different banks that have merged, you lost your protection. On the bright side, if this is a concern to you, things can not be that bad.
Have a Happy St Pats Day