Keeping inherited cash safe

FDIC insurance coverage limits apply per depositor, per FDIC-insured bank, per ownership category. Confirm the current limits and coverage using the official FDIC resources below. Accounts at different branches of the same bank are not separate banks for this purpose. Add existing deposits in the same category when evaluating coverage.

FDIC insurance covers eligible deposits, not stocks, bonds, mutual funds, annuities, or crypto assets. A money market deposit account and a money market mutual fund are different products.

FDIC rules generally provide a six-month grace period after a depositor's death during which coverage is calculated as if the depositor were still alive, unless accounts are restructured. Trust accounts and changed ownership have specific rules. Confirm the actual ownership category with the bank and FDIC resources.

Ask which legal bank holds the funds, how all your deposits there are aggregated, whether the product is a deposit, and what access restrictions apply. Keep a reserve for known obligations without accepting promotional claims as an insurance explanation.