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3. If you picked "False" you are correct. JOINT ACCOUNTS. The FDIC greatly simplified the rules in 1999 to insure each person's share in all joint accounts at an institution up to $100,000. Let's say you and a spouse own a $200,000 joint account and neither of you owns other joint accounts at the same insured institution. Under the rules, each of you would be insured for $100,000, and thus, the $200,000 joint account would be fully protected. If you have more than one joint account at an institution and with more than one co-owner, the rules say you cannot be insured for more than $100,000 for your share of all those joint accounts. Even though the joint account rules are straightforward, the recent bank failures indicate that there are still depositors exceeding the insurance limit.
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