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What if I have more than $100,000 in bank deposits? Is there any way to get more FDIC coverage?

Yes. If you keep your deposits in accounts under different ownership categories, you will be fully insured even if the sum of all the different pots of money exceeds $100,000. There are eight different ownership categories, including single accounts, joint accounts, revocable trust accounts and employee benefit plan accounts.

The FDIC has a tool called the Electronic Deposit Insurance Estimator, known as EDIE, that helps you calculate your coverage. The agency debuted a more user-friendly version of it this week on its new web site. You can also call 1-877-ASK-FDIC.

If you don't want to go through all those calculations, you can always separate your money among one or more FDIC-insured banks.

-- Washington Post Staff Writer Nancy Trejos

By washingtonpost.com Editor  |  September 18, 2008; 6:16 PM ET
Categories:  Your Pocketbook  | Tags: FDIC, bank accounts  
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