When it comes down to FDIC, does that only cover any one given bank and NOT it's branches?

Question

FDIC insures a depositer up to $100,000 at member locations which display the foregoing information. But does that only cover the Bank corporation, or does it also extend to it's branches. Example, if I deposit $200,000 in two different branches of Chase Manhattan, am I covered at each location?

Answer 1

The coverage is per account and not per location. The location is still a member of the bank so it is treated as part of the company as a whole. Where you actually make the deposit does not matter; where the money ends up is what determines the coverage. If the money ends up in the same account, it is $100,00 coverage. If the money ends up in two different accounts it is $200,000 coverage even if you make the deposit with the same teller at the same window.

Answer 2

The fine print of FDIC is that you are really only covered up to $100,000 of your total deposits anywhere depending on ownership category of the account or accounts. Click the link below that takes you directly to the FDIC consumer accounts page. Your questions will be answered there.

Answer 3

I would assume you would be covered at both locations... but remembering back to how the FDIC got started I am not certain... I am definitely looking forward to the answers you get on this one!

Answer 4

I believe that the FDIC insures each account. So, if you have two accounts at two separate locations, they'll be insured.

Answer 5

yes you certainly are - each one has an FDIC and you would be covered Just to be safe I would ask your institution