Washington Mutual bankruptcy- what are the FDIC insurance limits?

Seattle, WA Viewed 1492 times. Posted about 1 year ago in Banking
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I have a little under $100,000 in a Washington Mutual bank account. As I understand it, FDIC insurance covers up to $100K per account. With all the rumors of a Washington Mutual bankruptcy, I'm wondering if I should take my money out, even though it's technically FDIC insured. I don't want to have to fight through a bunch of government red tape for months in order to get my money back if the bank goes under.

Also, I have a cosigner on the account. Is it $100K FDIC insurance per account? Or per account holder? So am I really covered for $200K? - Is this your question? Add additional information
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Answers (2)

Leon D Bayer

Leon D Bayer Avvo Pro

Contributor Level 4
This attorney is licensed in California. Posted about 1 year ago. Flag as objectionable
I think you are being a very smart consumer by wondering about the extent of your coverage, in the event of a bank failure. I suggest that you take an immediate look at the FDIC's own web site, at http://www.fdic.gov/deposit/deposits/index.html which contains excellent information and should allow you learn more about coverage on each of your accounts. Whether you preemptively withdraw your money to avoid possible red tape hassals after a bank failure is really just up to you. Maybe moving half of the money to fully insured accounts at other institutions is a stratagy that a person might consider.
Los Angeles Bankruptcy Attorney
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Margery Ellen Golant

Margery Ellen Golant

Contributor Level 8
This attorney is licensed in Florida and 1 other state. Posted about 1 year ago. Flag as objectionable
It is $100,000 per person per account; so if a joint account, it is $200,000

FDIC insurance is a lot more than a technicality. No depositor has ever lost money up to the insured limit in an FDIC insured account.

The bill which was just passed by the Senate tonight increases FDIC limits to $250,000. If the House of Representatives also passes the bill later this week, the number will change very soon.
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