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FDIC Consumer News - Spring 1999

Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

7. If you picked "False" you are correct. Insurance coverage generally is based on how accounts are owned. In this case, the two accounts you have in your name alone would be added together and insured to $100,000 in total, leaving $50,000 uninsured. Your share of any joint accounts at a bank is insured to $100,000 in total (and separately from your individual accounts). Here, the joint account you own with your mother would be insured for up to $200,000 ($100,000 for each person's share), so this account is fully protected.

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Last Updated 07/28/1999 communications@fdic.gov