Seems like an acceptable deal...not deceptiive, but certainly limited.

Also, the FDIC usually allows you to have multiple accounts treated as different accounts if they have different combinations of ownerships.

For example,
Husband Joe opens a solo account, that's one.
Wife Jane opens a solo account, that's two.
Joe and Jane open joint account, that's three.
Jane and Joe (in that order) open a join account, oops...that money counts the same as number three.
Add kids and you can get lots of combinations.

That's how you can get around the limits with the $100,000 FDIC insurance if the bank goes under...or at least it was that way when I worked at a bank in the 80s.

So my question to the "Anonymous" banker is...do join accounts count as separate?