You hold an FDIC insured savings account at your neighborhood bank jointly with your father.Each of you has contributed equally into the account.The current balance in the account is $120,000.If the bank fails each of you will receive:

Question

Quizplus · Accepted Answer

The FDIC insures each depositor up to $250,000 per insured bank for each account ownership category. Since the account is jointly owned, each owner is insured up to $250,000. Therefore, each of you will receive $60,000, which is half of the $120,000 balance.

You Hold an FDIC Insured Savings Account at Your Neighborhood