Insuring Your Bank Deposits

In the past few days following the failure of IndyMac Bank in California I received a few email questions from people concerned about the safety of their bank accounts. Most people know that the FDIC incures bank accounts up to $100,000. However, a person can increase insurance coverage by dividing deposits at any one bank into different accounts opened under different names or owned by different entities. The FDIC has a webiste Link: FDIC: Insuring Your Deposits which clearly provides a full description of all available insurance. It is probably easier to open additional insured accounts at your existing bank than it is to spread deposits among different financial institutions.