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Banker told me that the 250K FDIC insurance can be increased if beneficiaries are included in the calculation. I'd like to be better informed how that works.
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I don't believe adding beneficiaries to an account increases FDIC coverage. But if those beneficiaries are changed to joint owners, that would increase coverage since each owner would be allowed $250,000 of coverage on the account
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Look in the link for revocable trusts.
What are you thinking of when you use "beneficiaries"?
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Audio and transcript: https://www.suzeorman.com/blog/Podcast-Episode-Suze-School:-What-you-need-to-know-about-FDIC-insuran...
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Also as far as I know, if the bank goes under, all of the applicable accounts and applicable amounts under the applicable social security number, are combined into one, and if that is in excess of $250,000, then the person may be up s*** crick. You can look into this yourself but I believe this is the case.
