Maximum deposit insurance for a family of 3

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retired recently
Posts: 437
Joined: Sun Oct 04, 2009 6:09 pm

Maximum deposit insurance for a family of 3

Post by retired recently » Wed Dec 04, 2019 9:53 am

Sorry to have to ask but I was not certain when I reviewed the literature a few days ago and I want to be sure we are covered. What is the maximum FDIC/NCUA coverage for a husband, wife and child (as POD)? No IRA, etc.

Husband 250K
Wife 250K
Joint 250K
Husband (wife as POD) 250K
Husband (son as POD) 250K
Wife (husband as POD) 250K
Wife (son as POD) 250K

Or is each person limited to 250K using POD?

Thanks very much!

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Meg77
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Location: Dallas, TX
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Re: Maximum deposit insurance for a family of 3

Post by Meg77 » Wed Dec 04, 2019 9:54 am

The FDIC has a handy calculator to help you assess this.

https://edie.fdic.gov/

But you are correct I believe. POD is considered a different account ownership style, so the way you have it listed all those accounts would be covered up to $250K. And actually I think you can have up to $500K in the joint checking and still be covered.
"An investment in knowledge pays the best interest." - Benjamin Franklin

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