CD for $200,000 in the name of both husband and wife, is it insured for $100,000 or for $200,000.
If I understand this correctly each individual is insured for up to 100,000. So each individual is covered, if this is all they have at this bank. Am I correct?
Each of them could have up to $100,000 in a sole ownership account. H -- $100,000; W -- $100,000. PLUS, there would be insurance for up to $100,000 for the aggregate amount of joint deposits each individual has (separate from theinsurance of each one's sole ownership account). So you look at all the joint accounts in which W has an interest. Add her part of all those joint accounts together for up to $100,000 in insurance. Do the same for H.
So, you've got up to $400,000 potential insurance coverage right there.
You can't look at the amount in just one joint account and say "Oh, that's insured." You have to always look at all the joint accounts in which a person has an interest.