George Sutton: 'The whole point of deposit insurance is to remove all risk to depositors and stop runs. It has proven how well that works over a period of more than 80 years and has earned the public’s trust.'
A window decal on March 14, 2023, at the San Francisco headquarters of First Republic Bank notifies depositors that they are insured by the Federal Deposit Insurance Corporation. Under current law, the government insures bank deposits only up to $250,000.There are several ways to protect your bank deposits, regardless of whether you are an individual or a business and regardless of what happens to your bank.
If you have more than $250,000 in your bank or credit union, you can multiply coverage by putting the money into different kinds of accounts. Checking and savings accounts are each insured to $250,000, even if one person owns both. So are joint accounts, CDs, trust accounts and payable-on-death accounts. Spread your money into four different kinds of accounts and you are covered up to $1 million.
Another option can be used for business payroll accounts and trust accounts holding money for many beneficiaries. If properly designated an omnibus account with pass-through coverage, each of the beneficial owners of the money is separately insured. In other words, each employee owed money held in a payroll account is separately insured, regardless of how many employees are involved.
Regulators have the authority to place a bank into receivership simply by giving notice and do that before a bank can sink into deep insolvency. So even uninsured depositors will collect most of their deposits as the bank’s loans and securities are collected or sold. To speed up this process, the FDIC often pays uninsured depositors their estimated share of the liquidation right away as an advance against their claims.
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