If a Husband and Wife or any two or more Persons, have, in addition to their Individual Accounts, a Joint Account in the same Insured Bank, is each Account Separately Insured?
Yes. If each of the co-owners has personally signed a valid mandate card
and has a right of withdrawal on the same basis as the other co-owners, the
joint account and each of the individually-owned accounts are separately
insured up to the insured maximum sum.
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Are Accounts Held by a Person as Executor, Administrator, Guardian, Custodian, or in Some Other Similar Fiduciary Capacity Insured Separately from His or Her Individual Account?
Yes. If the records of the bank indicate that the person is depositing the funds in a fiduciary capacity such funds are insured separately from the fiduciary’s individually-owned account. Funds in an account held by an Executor or Administrator are ...
Is an Account Held by either a Company or Partnership, Insured Separately from the Individual Accounts of Shareholders or Partners?
Yes. If the Company or Partnership is engaged in an independent activity, its account is separately insured up to the maximum insured sum. The term Independent activity means any activity other than one directed solely at increasing insurance ...
If a Depositor has an Account in the Main Office of a Bank and also at a Branch Office, are these Accounts Separately Insured?
No. The main office and all branches are considered to be one institution. Therefore, the accounts would be added together and covered up to the maximum insured sum.
If a Person has an Interest in more than One Joint Account, What is the Extent of His or Her Insurance Coverage?
As long as the combination of the joint accounts is not the same, the account will be insured separately up to the maximum insured limit. Where the joint accounts are owned by the same combination of individuals then the accounts will be added and ...
If a Depositor has Deposit Accounts in Different Insured Banks, will the Deposits be added together for the Purpose of Determining Insurance Coverage?
No. The maximum insurance limit is applicable to deposits in each of the participating banks. In the case of a bank having one or more branches, the main office and all branch offices are considered as one bank. In summary, if a person has many ...