Q: What are FDIC banks?
The vast majority of banks, including all state-chartered banks in California and many foreign-owned banks, are FDIC-insured. In the event of a bank failure, the Federal Deposit Insurance Corporation insures deposits, including money market accounts, up to $100,000.
Co-owners of an account are each insured up to $100,000, so they can have up to $200,000 in a joint account with the full amount protected by the FDIC. There are also rules for retirement accounts and living trusts.
To learn more about how to structure your bank accounts for maximum coverage or verify that your bank is an FDIC member, go to http://www.fdic.gov and click on the "deposit insurance" tab.
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