The key concept to keep in mind is that the FDIC limit of $250,000 is per person, per institution. And with those italicized words in mind, there are a few ways to potentially get more coverage.

With joint owners, each person is allowed $250,000 in FDIC coverage, for a total of $500,000 per joint account. And it doesn't matter if one person puts in more money than the other.

Consequently, investors with $250,000 in a revocable trust and $250,000 in an irrevocable trust at the same bank may have their FDIC coverage reduced from $500,000 to $250,000, according to Tumin.

FDIC updates rules on big bank deposit coverage By Reuters June 17, 20081:05 PM PDTUpdated June 17, 2008 ...