The FDIC insurance rules are a bit complicated.
Joint accounts are considered to be 50-50, so
$100,000 in a joint account is $50K per SSN.
If spouse A has $100K in their name only and a second $100K account is joint with Spouse B, spouse B will only get $50K from the insurance and Spouse A will get zero from the 2nd account.
CD penalties are listed on CW’s website, depends on the length.
Certain retirement accounts are FDIC insured up to $250K.
As long as you know the rules, I wouldn’t worry about FDIC insured accounts at Countrywide Bank.
Read the following, especially the part about POD accounts.
Payable-on-death (POD) accounts – also known as testamentary or Totten Trust accounts – are the most common form of revocable trust deposits. These informal revocable trusts are created when the account owner signs an agreement – usually part of the bank’s signature card – stating that the deposits will be payable to one or more named beneficiaries upon the owner’s death.
The beneficiary must be the owner’s spouse, child, grandchild, parent, or sibling. Adopted and stepchildren, grandchildren, parents, and siblings also qualify….
In-laws, grandparents, great-grandchildren, cousins, nieces and nephews, friends, organizations (including charities), and trusts DO NOT qualify.
