Your deposit account is federally insured to at least $100,00 and backed by the full faith and credit of the United States Government, so you never need to worry about the safety of your deposit accounts at Mid American. Individual Accounts Each member's funds are insured to $100,000, whether they are in one or multiple accounts. Joint Accounts In addition to the individual insurance of up to $100,000, any two or more persons may open joint accounts with an additional coverage of up to $100,000 in all joint accounts for each person. Payable on Death (POD) & Revocable Trust Accounts Funds deposited in payable on death/revocable trust (POD) accounts that have either a spouse, child, grandchild, parent or sibling of the owner as the beneficiary are separately insured to $100,000 for each beneficiary. The person who has the power of revoking the trust is considered the owner of the trust. Examples Using individual, joint, and payable on death accounts, a family can increase the amount of insured funds in one financial institution. A husband and wife may have insured accounts up to $600,000.   Insured amount Husband's individual account $100,000 Wife's individual account $100,000 Joint account $200,000 POD, husband for wife $100,000 POD, wife for husband $100,000 $600,000 A husband, wife and one child may have insured accounts up to $1,200,000. This uses three individual accounts, three joint accounts, and POD accounts. A husband, wife, and two children may have insured accounts up to $2,000,000. This uses four individual accounts, four joint accounts, and twelve POD accounts. A grandparent and two grandchildren may have insured accounts up to $1,000,000. This uses three individual accounts, three joint accounts, and four POD accounts (the grandchildren cannot be owners for the grandparent). Click here to estimate for how much share insurance you qualify. Special Note about IRA Funds In addition to the coverage listed above, your IRA funds are eligible for separate insurance up to $250,000. Roth and Traditional IRA funds are combined for total insurance on IRAs of up to $250,000.
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