Do not waste your time searching through sub-clauses, thinking to find a loophole in the coverage. The government will meet every obligation of the deposit insurance fund and title loans in Atlanta. The S&L bailout of the 1980s is proof of that.
Federally insured money is entirely safe up to $100,000 and more, depending on how the accounts are held. Safe, in a failing bank. Safe, in a bank that pays cockeyed interest rates. Safe, even with a crock or incompetent at the institution’s helm. So do not worry, be happy, and collect the highest interest rates that you can find. You get $100,000 worth of deposit insurance for each of the following accounts, or groups of accounts, held in the same financial institution:
All the accounts in your name alone, added together, including any accounts in the name of a business you own as a sole proprietor.
Your share of all retirement plan whose investments you control including Individual Retirement Accounts, Simplified Employee Pensions, and Keoghs. If you have multiple plans in the bank, the shares are lumped together as if they were a single account.
Your share of the retirement fund that you company managers say, a traditional pension plan or a company run 401(k). Each person’s interest in the fund is normally insured for up to $100,000, assuming that the banks meet certain capital requirements for safety and soundness. If it does not, the FDIC insures the fund as a whole for $100,000. That gives each participant much less protection, but so far, this harsh provision of the law has not been applied.
Each “in trust for” account or “payable on death” account held for a member of your immediate family child, spouse, and grandchild. There can be multiple owners and multiple beneficiaries, each with his or her own FDIC coverage. For example, if you and your spouse open an account in trust for your three children, you are insured for up to $600,000: $100,000 for each beneficiary of each account owner.
Living trusts and family trusts usually aren’t insured separately. Neither is in trust for or payable on death accounts if the beneficiary is someone other than your child, spouse or grandchild. Instead, such accounts are added to those held in your sole name.
Each account owned by a partnership, corporation, or unincorporated association, such as a union, homeowners association, fraternal organization or title loans in Atlanta.