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bsrsharma.
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June 29, 2008 at 9:59 PM #13163June 29, 2008 at 10:03 PM #231167
Raybyrnes
ParticipantFDIC insures 100 K per account and then up to another 100 K per beneficiary up to 300K total. If it is in a trust it may be insured up to 500K.
June 29, 2008 at 10:03 PM #231288ParticipantFDIC insures 100 K per account and then up to another 100 K per beneficiary up to 300K total. If it is in a trust it may be insured up to 500K.
June 29, 2008 at 10:03 PM #231349ParticipantFDIC insures 100 K per account and then up to another 100 K per beneficiary up to 300K total. If it is in a trust it may be insured up to 500K.
June 29, 2008 at 10:03 PM #231300ParticipantFDIC insures 100 K per account and then up to another 100 K per beneficiary up to 300K total. If it is in a trust it may be insured up to 500K.
June 29, 2008 at 10:03 PM #231336ParticipantFDIC insures 100 K per account and then up to another 100 K per beneficiary up to 300K total. If it is in a trust it may be insured up to 500K.
June 29, 2008 at 10:57 PM #231388bsrsharma
ParticipantYour friend, who seems fortunate to be having more than $100K in savings account, should be more skeptical of the “guarantee”. He can’t multiply the insured amount by splitting it, unless it is in different categories of accounts.
Coverage Over $100,000
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.
You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
Common Ownership CategoriesThe most common ownership categories are:
* Single Accounts
* Certain Retirement Accounts
* Joint Accounts
* Revocable Trust Accounts
Considering WaMu is certain to go down soon, he should definitely limit his exposure there to $100K. I am fairly certain, he will lose anything beyond that.
http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html
June 29, 2008 at 10:57 PM #231376ParticipantYour friend, who seems fortunate to be having more than $100K in savings account, should be more skeptical of the “guarantee”. He can’t multiply the insured amount by splitting it, unless it is in different categories of accounts.
Coverage Over $100,000
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.
You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
Common Ownership CategoriesThe most common ownership categories are:
* Single Accounts
* Certain Retirement Accounts
* Joint Accounts
* Revocable Trust Accounts
Considering WaMu is certain to go down soon, he should definitely limit his exposure there to $100K. I am fairly certain, he will lose anything beyond that.
http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html
June 29, 2008 at 10:57 PM #231339ParticipantYour friend, who seems fortunate to be having more than $100K in savings account, should be more skeptical of the “guarantee”. He can’t multiply the insured amount by splitting it, unless it is in different categories of accounts.
Coverage Over $100,000
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.
You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
Common Ownership CategoriesThe most common ownership categories are:
* Single Accounts
* Certain Retirement Accounts
* Joint Accounts
* Revocable Trust Accounts
Considering WaMu is certain to go down soon, he should definitely limit his exposure there to $100K. I am fairly certain, he will lose anything beyond that.
http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html
June 29, 2008 at 10:57 PM #231330ParticipantYour friend, who seems fortunate to be having more than $100K in savings account, should be more skeptical of the “guarantee”. He can’t multiply the insured amount by splitting it, unless it is in different categories of accounts.
Coverage Over $100,000
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.
You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
Common Ownership CategoriesThe most common ownership categories are:
* Single Accounts
* Certain Retirement Accounts
* Joint Accounts
* Revocable Trust Accounts
Considering WaMu is certain to go down soon, he should definitely limit his exposure there to $100K. I am fairly certain, he will lose anything beyond that.
http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html
June 29, 2008 at 10:57 PM #231210ParticipantYour friend, who seems fortunate to be having more than $100K in savings account, should be more skeptical of the “guarantee”. He can’t multiply the insured amount by splitting it, unless it is in different categories of accounts.
Coverage Over $100,000
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.
You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
Common Ownership CategoriesThe most common ownership categories are:
* Single Accounts
* Certain Retirement Accounts
* Joint Accounts
* Revocable Trust Accounts
Considering WaMu is certain to go down soon, he should definitely limit his exposure there to $100K. I am fairly certain, he will lose anything beyond that.
http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html
June 29, 2008 at 11:55 PM #231364poorsaver
ParticipantI researched this situation quite carefully, and I discovered that it’s very tricky and specific. The limit per depositor in any one institution is $100K. If you title the account as POD (payable on death), with beneficiaries, each beneficiary gets $100K in insurance, however you lose the original $100K. For example if you designate two beneficiaries, the account is insured for $200K, not $300K as you might assume. One beneficiary is $100K. The rules for beneficiaries is also very strict. They have to be blood related. The best insurance is to pull money out ahead of time and avoid the hassle of a claim. I closed my account at Indymac a month ago as it looks like it may be the next to fall.
June 29, 2008 at 11:55 PM #231374ParticipantI researched this situation quite carefully, and I discovered that it’s very tricky and specific. The limit per depositor in any one institution is $100K. If you title the account as POD (payable on death), with beneficiaries, each beneficiary gets $100K in insurance, however you lose the original $100K. For example if you designate two beneficiaries, the account is insured for $200K, not $300K as you might assume. One beneficiary is $100K. The rules for beneficiaries is also very strict. They have to be blood related. The best insurance is to pull money out ahead of time and avoid the hassle of a claim. I closed my account at Indymac a month ago as it looks like it may be the next to fall.
June 29, 2008 at 11:55 PM #231244ParticipantI researched this situation quite carefully, and I discovered that it’s very tricky and specific. The limit per depositor in any one institution is $100K. If you title the account as POD (payable on death), with beneficiaries, each beneficiary gets $100K in insurance, however you lose the original $100K. For example if you designate two beneficiaries, the account is insured for $200K, not $300K as you might assume. One beneficiary is $100K. The rules for beneficiaries is also very strict. They have to be blood related. The best insurance is to pull money out ahead of time and avoid the hassle of a claim. I closed my account at Indymac a month ago as it looks like it may be the next to fall.
June 29, 2008 at 11:55 PM #231411ParticipantI researched this situation quite carefully, and I discovered that it’s very tricky and specific. The limit per depositor in any one institution is $100K. If you title the account as POD (payable on death), with beneficiaries, each beneficiary gets $100K in insurance, however you lose the original $100K. For example if you designate two beneficiaries, the account is insured for $200K, not $300K as you might assume. One beneficiary is $100K. The rules for beneficiaries is also very strict. They have to be blood related. The best insurance is to pull money out ahead of time and avoid the hassle of a claim. I closed my account at Indymac a month ago as it looks like it may be the next to fall.
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