I have better than $300,000 in three separate CDs in one bank. I have named my four children on each of them as beneficiaries. My personal banker told me that this money is all federally insured. Do you agree?
The general rule for such accounts, payable on death to a designated, identified beneficiary, is that coverage is $100,000 for each beneficiary per depositor. You could have up to $400,000 in payable on death accounts naming your four children as beneficiaries, with all funds insured.
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The general rule for such accounts, payable on death to a designated, identified beneficiary, is that coverage is $100,000 for each beneficiary per depositor. You could have up to $400,000 in payable on death accounts naming your four children as beneficiaries, with all funds insured.
