[quote author="PANDA" date=1214041663]Between my wife and I, we have a FDIC insured up to $200,000 in Countrywide bank savings link. Are we really safe? or are they just telling us that we are safe?
Worried Panda</blockquote>
From the <strong><a href="http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html#joint">FDIC site</a></strong>:
<pre class="code">Joint Accounts
These are deposit accounts owned by two or more people. If both owners have equal rights to withdraw money from a joint account, each person?s shares of all joint accounts at the same insured bank are added together and the total is insured up to $100,000.
If a couple has a joint checking account and a joint savings account at the same insured bank, each co-owner's shares of the two accounts are added together and insured up to $100,000, providing up to $200,000 in coverage for the couple's joint accounts.
Example: John and Mary have a $220,000 CD at an insured bank. Under FDIC rules, each person's share of each joint account is considered equal unless otherwise stated in the bank?s records. John and Mary each own $110,000 in the joint account category, putting a total of $20,000 ($10,000 for each) over the insurance limit.
Account Holders Ownership Share Amount Insured Amount Uninsured
John $ 110,000 $ 100,000 $ 10,000
Mary $ 110,000 $ 100,000 $ 10,000
Total $ 220,000 $ 200,000 $ 20,000
Note: Jointly owned qualifying trust accounts are not included in this ownership category.</pre>
