Gwen had three accounts as listed here. In 2014, how much was her total insurance coverage by the FDIC?
• Bank A: $250,000
• Bank B: $50,000
• Bank C: $300,000

Question

Quizplus · Accepted Answer

The FDIC insurance coverage limit for each deposit account is $250,000 per depositor per insured bank. However, if a depositor has multiple accounts in different ownership categories (such as single accounts, joint accounts, retirement accounts, etc.) at the same bank, the coverage limit applies separately to each category of accounts. Since Gwen has accounts in different ownership categories at different banks, the total insurance coverage would be the sum of the individual coverage limits for each category of accounts at each bank. Therefore, Gwen's total insurance coverage is $250,000 (Bank A) + $250,000 (Bank C, single account) + $250,000 (Bank C, joint account) = $550,000.

Gwen Had Three Accounts as Listed Here