How does the FDIC calculate insurance for my jointly owned accounts?
Accounts owned by two or more people can be insured for up to the covered amount per owner. In order to qualify, all owners of a joint account must have equal rights of withdrawal (there are some exceptions if one joint owner is a minor). All owners must sign the account documents (usually, a signature card). The FDIC will assume every owner of a joint account owns an equal share of the account, unless bank documents indicate otherwise. Amounts you own in each joint account are aggregated with the amounts in every other joint account you own, and the first $100,000 (or $250,000) is insured. If all criteria for a joint account are not satisfied, then your share in the joint account will be aggregated with amounts in your individual accounts, and the first $100,000 (or $250,000) is insured. Are my retirement accounts insured? How much? There are different rules for banks and credit unions. If you have questions concerning a Retirement Account that is on deposit at a credit union, please
