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

April 26, 2017accounts depositing different dividing FDIC funds increase insurance coverage

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

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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. An example of two different ownership categories would be an individual account and a joint account. Deposits maintained in different categories of legal ownership are separately insured.