Here is a quick primer on how we can help you with expanded FDIC insurance. At the end of the day, we still recommend you consult a savings expert and the FDIC for savings decisions.
What the FDIC covers:
Single Account Title
The Federal Deposit Insurance Corporation offers $250,000 for all single accounts at Green Bank. Single accounts are those titled in one name only, without any co-owner or beneficiary. The government combines all your CDs together with your other single accounts to compute your insurance limit in any one institution.
Joint or Beneficiary Accounts
Accounts titled in different categories give you additional coverage beyond the $250,000 for single accounts. If you open a joint CD account titled with your name plus one or more co-owners, the government insures $250,000 in your name plus $250,000 for each co-owner. The FDIC combines all your accounts at the same institution in the same title category for insurance purposes.
Joint Tenants with right of survivorship is the most common ways married couples title accounts—the assets pass directly to the surviving account holder when the first account holder dies and supersedes a will. Adding non-spouse beneficiaries often creates a gift tax.
Tenants in common are shared accounts that will be subject to a will and ensures that assets are passed according to the estate plan; this structure is a good choice when there’s no need to use living trust structures.
Convenience accounts work like a power of attorney, except that the signer’s authority is limited to the particular account. There’s no right of survivorship; so the account transfers according to your will. It’s a good choice when you want the security of another trusted person having access to an account.
Payable on death/transfer on death is a designation added to an individually titled account to allow the assets to be automatically transferred to the designated beneficiaries on the account holder’s death without going through probate. This titling will supersede any instructions in a will and if you wish to simply identify multiple beneficiaries and a percentage of assets each will receive.
The FDIC offers tips on cybersecurity for consumers. Learn more about safety precautions for internet banking or shopping, how to avoid identity theft online and the roles of banks and the government.
Keep on top of account balances by using our no-cost online banking system or by calling our 24 hour telephone banking system. Transfers between accounts can be completed (at no charge) by using one of these services as well.
Green Bank Guardian Alert
sends a text message when your debit card is used in a type of transaction that is most common in fraud cases: