banks to avoid

[underdose]

No offense, but the sliced and diced subprime mortgage backed securities were AAA, and the rapidly-being-debased US treasuries still are. WF may be solid anyway, but AAA ratings have no credibility anymore.

[orthofrancis]

Are couples insured for more ($100k per person)? Or do you need separate accounts?

[orthofrancis]

Are couples insured for more ($100k per person)? Or do you need separate accounts?

[orthofrancis]

Are couples insured for more ($100k per person)? Or do you need separate accounts?

[orthofrancis]

Are couples insured for more ($100k per person)? Or do you need separate accounts?

[orthofrancis]

Are couples insured for more ($100k per person)? Or do you need separate accounts?

[34f3f3f]

I echo about ratings. There is little faith in these anymore, and yes Wells Fargo has been under the spotlight, although not so much as WaMu et al. I did the rounds regarding FDIC, and the answers you get depends not just on which bank you ask, but amazingly some branches have their own versions. Stick with the bigger, main branches and ask senior staff. The general rule with FDIC is that the $100k is per account holder, so if it’s a joint account then the limit will be $200. You can also add a “beneficiary” to the account which has to be a close relative. This behaves like a trust, and is only payable on death, but has the effect of doubling up the FDIC cover as well. Not all banks do this. Living Trusts, retirement plans, are also covered, and I believe the latter has a $250k ceiling.

There is a scheme where dozens of smaller banks have clubbed together, to spread the risk for large cash holdings. The advantage is that you hold just one account with the custodian, and they do all the work for you. The name of the scheme alludes me at this time. In principle, it looks OK, but it is not a Federally backed or regulated scheme, as far as I am aware, and so there may be some unquantifiable risks. However, all banks in the scheme have FDIC insurance.

On a final note, I have read posts here that some people have met with resistance when trying to move funds. This is your money, banks got us into this mess, and I would deal sharply with any bank personnel that gives you a hard time. I also wouldn’t preclude moving funds around as often as you like until you have found your peace of mind.

[34f3f3f]

I echo about ratings. There is little faith in these anymore, and yes Wells Fargo has been under the spotlight, although not so much as WaMu et al. I did the rounds regarding FDIC, and the answers you get depends not just on which bank you ask, but amazingly some branches have their own versions. Stick with the bigger, main branches and ask senior staff. The general rule with FDIC is that the $100k is per account holder, so if it’s a joint account then the limit will be $200. You can also add a “beneficiary” to the account which has to be a close relative. This behaves like a trust, and is only payable on death, but has the effect of doubling up the FDIC cover as well. Not all banks do this. Living Trusts, retirement plans, are also covered, and I believe the latter has a $250k ceiling.

There is a scheme where dozens of smaller banks have clubbed together, to spread the risk for large cash holdings. The advantage is that you hold just one account with the custodian, and they do all the work for you. The name of the scheme alludes me at this time. In principle, it looks OK, but it is not a Federally backed or regulated scheme, as far as I am aware, and so there may be some unquantifiable risks. However, all banks in the scheme have FDIC insurance.

On a final note, I have read posts here that some people have met with resistance when trying to move funds. This is your money, banks got us into this mess, and I would deal sharply with any bank personnel that gives you a hard time. I also wouldn’t preclude moving funds around as often as you like until you have found your peace of mind.

[34f3f3f]

I echo about ratings. There is little faith in these anymore, and yes Wells Fargo has been under the spotlight, although not so much as WaMu et al. I did the rounds regarding FDIC, and the answers you get depends not just on which bank you ask, but amazingly some branches have their own versions. Stick with the bigger, main branches and ask senior staff. The general rule with FDIC is that the $100k is per account holder, so if it’s a joint account then the limit will be $200. You can also add a “beneficiary” to the account which has to be a close relative. This behaves like a trust, and is only payable on death, but has the effect of doubling up the FDIC cover as well. Not all banks do this. Living Trusts, retirement plans, are also covered, and I believe the latter has a $250k ceiling.

There is a scheme where dozens of smaller banks have clubbed together, to spread the risk for large cash holdings. The advantage is that you hold just one account with the custodian, and they do all the work for you. The name of the scheme alludes me at this time. In principle, it looks OK, but it is not a Federally backed or regulated scheme, as far as I am aware, and so there may be some unquantifiable risks. However, all banks in the scheme have FDIC insurance.

On a final note, I have read posts here that some people have met with resistance when trying to move funds. This is your money, banks got us into this mess, and I would deal sharply with any bank personnel that gives you a hard time. I also wouldn’t preclude moving funds around as often as you like until you have found your peace of mind.

[34f3f3f]

I echo about ratings. There is little faith in these anymore, and yes Wells Fargo has been under the spotlight, although not so much as WaMu et al. I did the rounds regarding FDIC, and the answers you get depends not just on which bank you ask, but amazingly some branches have their own versions. Stick with the bigger, main branches and ask senior staff. The general rule with FDIC is that the $100k is per account holder, so if it’s a joint account then the limit will be $200. You can also add a “beneficiary” to the account which has to be a close relative. This behaves like a trust, and is only payable on death, but has the effect of doubling up the FDIC cover as well. Not all banks do this. Living Trusts, retirement plans, are also covered, and I believe the latter has a $250k ceiling.

There is a scheme where dozens of smaller banks have clubbed together, to spread the risk for large cash holdings. The advantage is that you hold just one account with the custodian, and they do all the work for you. The name of the scheme alludes me at this time. In principle, it looks OK, but it is not a Federally backed or regulated scheme, as far as I am aware, and so there may be some unquantifiable risks. However, all banks in the scheme have FDIC insurance.

On a final note, I have read posts here that some people have met with resistance when trying to move funds. This is your money, banks got us into this mess, and I would deal sharply with any bank personnel that gives you a hard time. I also wouldn’t preclude moving funds around as often as you like until you have found your peace of mind.

[34f3f3f]

I echo about ratings. There is little faith in these anymore, and yes Wells Fargo has been under the spotlight, although not so much as WaMu et al. I did the rounds regarding FDIC, and the answers you get depends not just on which bank you ask, but amazingly some branches have their own versions. Stick with the bigger, main branches and ask senior staff. The general rule with FDIC is that the $100k is per account holder, so if it’s a joint account then the limit will be $200. You can also add a “beneficiary” to the account which has to be a close relative. This behaves like a trust, and is only payable on death, but has the effect of doubling up the FDIC cover as well. Not all banks do this. Living Trusts, retirement plans, are also covered, and I believe the latter has a $250k ceiling.

There is a scheme where dozens of smaller banks have clubbed together, to spread the risk for large cash holdings. The advantage is that you hold just one account with the custodian, and they do all the work for you. The name of the scheme alludes me at this time. In principle, it looks OK, but it is not a Federally backed or regulated scheme, as far as I am aware, and so there may be some unquantifiable risks. However, all banks in the scheme have FDIC insurance.

On a final note, I have read posts here that some people have met with resistance when trying to move funds. This is your money, banks got us into this mess, and I would deal sharply with any bank personnel that gives you a hard time. I also wouldn’t preclude moving funds around as often as you like until you have found your peace of mind.

[nin_sis]

I just moved a chunk of money from a WAMU internet savings account over to a money market account yesterday…talk about timing. The extra amount wasn’t insured. Apparently, you are covered up to $200,000 if you have a joint account (each person is covered $100K). If you are over that amount, you can open an additional account in one person’s name and be covered again for up to $100,000 as a single account holder. The key is to name beneficiaries for all accounts. The manager wrote up a scenario where I could be insured for up to $800,000 within one bank by mixing up accounts (single, joint, different beneficiaries). I wish I had $800K to put away.

[nin_sis]

I just moved a chunk of money from a WAMU internet savings account over to a money market account yesterday…talk about timing. The extra amount wasn’t insured. Apparently, you are covered up to $200,000 if you have a joint account (each person is covered $100K). If you are over that amount, you can open an additional account in one person’s name and be covered again for up to $100,000 as a single account holder. The key is to name beneficiaries for all accounts. The manager wrote up a scenario where I could be insured for up to $800,000 within one bank by mixing up accounts (single, joint, different beneficiaries). I wish I had $800K to put away.

[nin_sis]

I just moved a chunk of money from a WAMU internet savings account over to a money market account yesterday…talk about timing. The extra amount wasn’t insured. Apparently, you are covered up to $200,000 if you have a joint account (each person is covered $100K). If you are over that amount, you can open an additional account in one person’s name and be covered again for up to $100,000 as a single account holder. The key is to name beneficiaries for all accounts. The manager wrote up a scenario where I could be insured for up to $800,000 within one bank by mixing up accounts (single, joint, different beneficiaries). I wish I had $800K to put away.

[nin_sis]

I just moved a chunk of money from a WAMU internet savings account over to a money market account yesterday…talk about timing. The extra amount wasn’t insured. Apparently, you are covered up to $200,000 if you have a joint account (each person is covered $100K). If you are over that amount, you can open an additional account in one person’s name and be covered again for up to $100,000 as a single account holder. The key is to name beneficiaries for all accounts. The manager wrote up a scenario where I could be insured for up to $800,000 within one bank by mixing up accounts (single, joint, different beneficiaries). I wish I had $800K to put away.

[Author]

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