IndyMac Bank's failure yesterday was a "wake-up call" to anyone with deposits above the $100,000 FDIC insurance limit, Terry Savage writes in Street.com. Americans have more than $2.6 trillion in uninsured accounts, and 10,000 depositors have more than $1 billion at risk at IndyMac alone. But before trying to rescue your money, learn how insurance applies to different kinds of accounts:
- Single accounts: A bank guarantees up to $100,000 of your accounts added together, excluding retirement accounts.
- Joint accounts: A bank insures up to $100,000 of depositors' shares added together—unless the accounts are checking and savings, which are insured up to $200,000.
- Revocable living trusts: Each beneficiary's interests are insured up to $100,000 for each owner.
Learn how to protect your uninsured dollars by clicking on the link below.