Dear Dr. Don,
My wife and I have five accounts at one of our banks that total up to $200,000. These are a mixture of CDs, checking and money market accounts. Each account is a joint account. If my bank would fail, is all of my $200,000 insured?

Tom Transpire


Dear Tom,
Here’s what the FDIC publication, ” Insuring Your Deposits,” has to say about joint accounts and deposit insurance:

These are deposit accounts owned by two or more people. If both owners have equal rights to withdraw money from a joint account, each person’s shares of all joint accounts at the same insured bank are added together and the total is insured up to $100,000.

If a couple has a joint checking account and a joint savings account at the same insured bank, each co-owner’s shares of the two accounts are added together and insured up to $100,000, providing up to $200,000 in coverage for the couple’s joint accounts.

Note: Jointly owned qualifying trust accounts are not included in this ownership category.

Sleep well tonight knowing that your joint accounts are FDIC-insured up to $200,000. Deposit insurance limits have been increased for some retirement accounts, providing additional coverage for those accounts.

For people who want to confirm their deposits are FDIC-insured, EDIE, the FDIC’s Electronic Deposit Insurance Estimator, provides additional peace of mind.

To ask a question of Dr. Don, go to the ” Ask the Experts” page, and select one of these topics: “Financing a home,” “Saving & investing” or “money.”