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Thread: Questions on BankDirect, now Bask Bank (consolidated)
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Old Jan 12, 2011 | 5:16 pm
  #235  
ExitRowAisle
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I believe it is possible even for a single person to "increase" their FDIC coverage by adding beneficiaries (payable-on-death) to an account. These revocable trust accounts then grant $250k of FDIC coverage per beneficiary. For instance, if you decide to leave your account equally between a brother and a sister, you've effectively increased your FDIC coverage to $500,000 rather than the standard $250,000.

I'm not an attorney, and I don't play one on TV, so please do your own due diligence on this matter. I also am not sure whether a bank has to offer a POD option and if they don't, whether or not BankDirect offers it. But it might be worth checking into if the $250,00 cap is a concern.
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