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Q. Is it possible for a bank to offer us more than $250,000 FDIC deposit coverage?


Fri, Feb 4th, 2011
Posted in Ask the Expert

Aaron Armstrong

A. Yes, it is. Your money is insured up to $250,000 in an account at an FDIC participating bank. You may increase the deposit amount by the account titling and ownership. For example, if you have $750,000 invested in an individual account at the bank, under normal FDIC guidelines that money is only insured up to $250,000. However, you can have the whole amount FDIC insured. Here's how... have one account in the husband's name alone for $250,000, have one account in the wife's name alone for $250,000 and an additional joint deposit account for $250,000. Each account will be fully insured for a total of $750,000. You may add a beneficiary to your accounts and increase FDIC coverage by an additional $250,000 for each beneficiary. For more information, stop in at either location or visit www.fdic.gov and search for the EDIE calculator to help determine FDIC coverage limits.

F & M Community Bank

100 St. Anthony Street N., Preston 507 765 3823

229 Main St. N., Chatfield

507 867 1605

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