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Can insurance coverage be increased by dividing my funds and depositing them into several different accounts?

April 26, 2017accounts depositing different dividing funds increased insurance coverage

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Can insurance coverage be increased by dividing my funds and depositing them into several different accounts?

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A. Federal deposit insurance is not determined on a per-account basis. A depositor cannot increase FDIC insurance by dividing funds owned in the same ownership category among different accounts. The type of deposit instrument – whether checking, savings, or CD – has no bearing on the amount of insurance coverage.