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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: LLCF who wrote (150086)2/7/2002 11:56:49 PM
From: Ken98  Read Replies (2) of 436258
 
It's $100K per BANK, not SS#:

<<6. If I have deposits in several different FDIC-insured institutions, will my deposits be added together for insurance purposes?

No. Deposits in different institutions are insured separately. But, if an institution has one or more branches, the main office and all branch offices are considered to be one institution. So, if you have deposits at the main office and at one or more branch offices of the same institution, the deposits are added together when calculating deposit insurance coverage. Financial institutions owned by the same holding company, but separately chartered, are separately insured.>>

<<11. Can I increase FDIC insurance coverage by dividing my funds and depositing them into several different accounts?

No. Federal deposit insurance is not determined on a per-account basis. You cannot increase FDIC insurance by dividing funds owned in the same ownership category among different accounts. The type of account - whether checking, savings, certificate of deposit, or outstanding official check such as a cashier's check (see Question 4), or other form of deposit - has no bearing on the amount of insurance coverage. Furthermore, the use of Social Security numbers or tax identification numbers does not determine insurance coverage.>>

fdic.gov
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