Question

If a married couple have a joint account with a market value of $1 million and a debit balance of $600,000, all of which is in securities, how much coverage would this account have?

Answer 1

$400,000 equity will be the coverage provided for the account.

What is a joint account?

A joint account is just another saving account, but the difference is that it is shared between two people, i.e, two people are the owner of that account this is generally shared between two partners or a spouse.  

The maximum bandwidth for a joint account is $500,000; but, a margin account only covers the equity, thus the debit balance is deducted from the market value. from deducting the market value of $1 million from the debit balance of $600,00  to leave $400,000 equity.

Learn more about the joint account, here:

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