At your local bank you have a $300,000 joint account with your spouse, $100,000 in CD’s in your name only, and in a safe deposit box, $50,000 in cash. A meteorite obliterates the bank, which fails. How much will the federal Deposit Insurance Corp. give you and your spouse?
a. $250,000
b. $350,000
c. $400,000
d. $450,000
c. The FDIC insures up tp $250,000 per person per account type. So your $100,000 in CD’s are covered, as are both your and your spouse’s $150,000 portions of the joint account (since each portion is insured up to $250,000). The FDIC, though, doesn’t cover contents of safe deposit boxes.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel United Methodist Church (UMC) in Montross, VA. Rev. Dr. Taylor promotes best practices by teaching financial literacy workshops and currently serves as Finance Chair in the Rappahannock River District for the UMC. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.