The Mountain States Better Business Bureau along with the Federal Deposit Insurance Corporation wants to correct common false assumptions regarding FDIC-insured bank products. Below are some of the misperceptions relayed to Better Business Bureaus and the FDIC call center:

Myth: The most a consumer can have insured is $100,000.

Wrong. Your accounts at different FDIC-insurance institutions are separately insured, not added together, when calculating the $100,000 limit. You might well qualify for more than $100,000 in coverage at each insured bank if you own deposit accounts in different ownership categories. These categories include checking and savings accounts, retirement accounts, joint accounts and revocable trust accounts.

Myth: Deposits in different branches of the same bank are separately insured.

Not true. FDIC insurance is based on how much money is in various ownership categories (single, joint, retirement, etc.) at the same insured institution. It doesn't matter if the accounts were opened at different branches, because they are all part of the same bank.

Myth: Any product sold by a bank is insured by the FDIC.

False. The FDIC insures deposits, such as checking accounts and certificates of deposit. It does not insure financial products such as stocks, bonds, mutual funds, annuities or other insurance products, even when sold by a bank. FDIC-insured institutions that offer an investment product to a customer are required to disclose that the product is not FDIC-insured and is subject to investment risk.

Myth: If a bank fails, the FDIC has up to 99 years to pay depositors for their insured accounts.

Complete nonsense. Scam artists trying to sell "financial" products sometimes use this myth to convince bank customers that they are wasting their time to place trust in FDIC-insured products. In fact, federal law requires the FDIC to pay the insurance deposits as soon as possible after an insured bank fails.

To read about other common misperceptions regarding FDIC-insured accounts, visit the FDIC Web site at www.fdic.gov. Additional consumer tips can be found at www.mountainstates.bbb.org, or call the Better Business Bureau at 800-564-0371.