Question

Janie has a joint account with her mother with a balance of $569,000. Based on $250,000 of Federal Deposit Insurance Corporation coverage, what amount of Janie’s savings would not be covered by deposit insurance?

Answer 1

319,000$ of Janie's saving would not be covered under the deposit insurance scheme.

Explanation:

The Federal Deposit Insurance Scheme (FDIC) has been in the market for more than two and a half decade. It is involved in deposits insurance of the customer's savings at various banks.

The standard amount to be insured by the bank for a single depositor is 250,000$. Even for a joint account holder, the amount remains the same.

Since the Jamie co-holds the account with her mother and she has a savings of 569,000$

hence only 250,000$ of her savings would be insured by the FDIC.

Rest amount 319,000$ (569,000$-250,000$) remains un-insured.