|
 |
Home >> Accounts
Insurance on MMDA
How much am I insured for as a single owner on a Money Market FDIC insured with two POCs as beneficiaries?
|
Untitled
|
 If your question is about an account with two POD beneficiaries, it doesn't matter whether the account is a money market deposit account, a checking account, a CD, or any other type of account. The coverage limits will be $250,000 per beneficiary per depositor in all POD accounts in the bank, provided that each beneficiary is a natural person or a charity or nonprofit recognized under the Internal Revenue Code. The beneficiary cannot be a pet or a for-profit corporation, for example.
It's $250,000 times two beneficiaries times one owner, or $500,000. The $250,000 limit is temporary. After 12/31/09, it will revert to $100,000, making the total insurance coverage limit $200,000 for two beneficiaries and one owner.
Published on BankingQuestions.com 10/16/08
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
