My mother and I are joint owners of several CDs in one bank. The certificates are worth $180,000. Are we insured by the FDIC for the full amount, or just $100,000?
Start by separating the accounts in that bank into those in your name, those in your mother's name, and those held jointly by you and your mother. Ignore any "courtesy signer" or power of attorney arrangements -- you want to know the total by actual owner.
Total up the accounts in your name alone. If they total $100,000 or less, you are fully covered. Each depositor is insured up to $100,000 for funds held individually in one institution. The same rule applies to the total of accounts in your mother's name alone.
Now total the accounts jointly owned by you and your mother. Your ownership is assumed to be 50/50 by FDIC rules, and each of you will be insured up to $100,000 for the amounts owned jointly. Assuming that all of the accounts in this bank are jointly owned by your mother and you, and they total $180,000, the balances would be totally covered, since you each have an insurable limit of $100,000 for those accounts.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
My mother and I are joint owners of several 
Start by separating the 