You should be fine. Check out this primer from the FDIC and maybe call the institution to confirm you are setup quickly.My mom was asking me some questions and I have not been paying attention to this.
My parents have two bank accounts. One at Citizens and one at Bank of America. There are three names on the check: mother, father and me. I think we are all considered "owners" of the account but at the very least my two parents will be.
They have between 250-500k in one bank and over 500k in another (but less than 750k).
She wants to know if she should open another account at a 3rd bank and spread the money around.
Suggestions or advice?
My thought is that she is fine as is. My father is very old but when he passes I will make sure that I am definitely an owner of the account if I am not already, so that we can get double the $250k protection (assuming the $250k is for each owner and not per account)
Also, Bank of America should still have an FDIC sweep program that you could opt into. That may be more of a thing for Merrill customers and may have less coverage since they closed their charter banks though.