If my husband and I each have $100,000 accounts with each other as co-owners in the same bank are we insured for the full $200,000?
If you have two joint accounts in that bank, one titled "husband/wife" and the other titled "wife/husband," and you each have equal legal access to both accounts, each of you would have up to FDIC $250,000 insurance coverage, for a total of $500,000. That would be the result if both accounts have $250,000, or one account has $150,000 and the other $350,000. That's because each of you adds up his/her interests in all joint accounts at the bank, and receives up to $250,000 insurance on his/her total. Your share of the $150,000 account would be $75,000, and you'd have $175,000 of the $350,000 account, for a total of $250,000. Your spouse's coverage amount would be similarly calculated. That coverage would be in addition to any insurance coverage for accounts you hold as individuals (no joint owners), coverage for trust accounts, and coverage for retirement accounts in that bank.
Note: This page has been updated to reflect the temporary increase in deposit insurance limits enacted as part of the Emergency Economic Stabilization Act, effective October 3, 2008. The "standard maximum deposit insurance amount" on FDIC and NCUSIF deposit coverage was increased to $250,000 beginning on 10/3/08. It will revert to $100,000 after 12/31/2009.
Published on BankingQuestions.com 8/07/08
Updated 10/8/08
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If you have two 