FDIC: I have spoken with the managers of my banks, and you are only covered to $100k per bank per account holder. If you and your wife are on the account, you’re covered for $200k. If you name some beneficiaries, they are each covered for $100k but you have to die to get that coverage. Even if you have one account which is a CD and one which is checking you are only covered for a combined $100k.
Wanna guess when the FDIC came about? After the last great depression in 1933 when people lost funds in accounts at crashed banks. Scary thought, no?
There are networks of banks which spread your account over several banks in the network, thus giving you FDIC insurance up to $30 Million. These are called CDARs:
Links from that site will help you find CDAR banks in your area. You usually get a slightly lower CD rate but are covered up to $30M with one easily accessible account and you get to sleep at night knowing your hard-earned cash is safe.
