Home › Forums › Financial Markets/Economics › FDIC Insured
- This topic has 55 replies, 7 voices, and was last updated 15 years, 2 months ago by
bubba99.
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AuthorPosts
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January 4, 2008 at 10:42 AM #11404
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January 4, 2008 at 10:48 AM #129147
an
ParticipantYou can open two savings account at 2 different banks and put $50k in each.
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January 4, 2008 at 10:56 AM #129151
Eugene
ParticipantThe amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is “payable on death” (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
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January 4, 2008 at 1:34 PM #129261
Coronita
ParticipantThe amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is "payable on death" (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
esmith, I'm not an expert on this. But I believe you might be combining two things together. The two classes of accounts you speak of is a joint account versus a trust account. Joint accounts are insuranced $100k X number of account owners.
The number of beneficiaries are used only on what FDIC considers as a trust based account. If I recall, bank accounts need to be explicitedly opened with either a PDO designation or undering the name of your living trust and/or your existing joint account converted to such with a designation.
I don't think a traditional joint account have that beneficiary insurance alone. Just telling you so if something should happen, and you're in the situation, don't want you to see you get screwed on a technicality.
When I talked to a Wells a few months ago, they mentioned it is entirely possible to have individual, joint, trust accounts together, and you would be each insured up to the maximum limits of each category of accounts.
For trust accounts, there is also a definition of what "qualified" beneficiary means. Weird rules determine what qualified "beneficiary" is if they aren't your spose and immediate children. However, this probably the most common case for most families with a living trust.
Quote:
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
For example:
A husband and wife are co-owners of a living trust. The trust states that upon the death of one spouse the assets will pass to the surviving spouse, and upon the death of the last owner the assets will pass to their three children equally. This trust's deposit account would be insured up to $600,000. Since each owner names three qualifying beneficiaries, the owners (husband and wife) will be insured up to $300,000 each.http://www.fdic.gov/deposit/deposits/insured/ownership4.html#revocable
I guess this is just one of many reasons why one should get a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
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January 4, 2008 at 1:34 PM #129430Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is "payable on death" (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
esmith, I'm not an expert on this. But I believe you might be combining two things together. The two classes of accounts you speak of is a joint account versus a trust account. Joint accounts are insuranced $100k X number of account owners.
The number of beneficiaries are used only on what FDIC considers as a trust based account. If I recall, bank accounts need to be explicitedly opened with either a PDO designation or undering the name of your living trust and/or your existing joint account converted to such with a designation.
I don't think a traditional joint account have that beneficiary insurance alone. Just telling you so if something should happen, and you're in the situation, don't want you to see you get screwed on a technicality.
When I talked to a Wells a few months ago, they mentioned it is entirely possible to have individual, joint, trust accounts together, and you would be each insured up to the maximum limits of each category of accounts.
For trust accounts, there is also a definition of what "qualified" beneficiary means. Weird rules determine what qualified "beneficiary" is if they aren't your spose and immediate children. However, this probably the most common case for most families with a living trust.
Quote:
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
For example:
A husband and wife are co-owners of a living trust. The trust states that upon the death of one spouse the assets will pass to the surviving spouse, and upon the death of the last owner the assets will pass to their three children equally. This trust's deposit account would be insured up to $600,000. Since each owner names three qualifying beneficiaries, the owners (husband and wife) will be insured up to $300,000 each.http://www.fdic.gov/deposit/deposits/insured/ownership4.html#revocable
I guess this is just one of many reasons why one should get a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
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January 4, 2008 at 1:34 PM #129436Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is "payable on death" (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
esmith, I'm not an expert on this. But I believe you might be combining two things together. The two classes of accounts you speak of is a joint account versus a trust account. Joint accounts are insuranced $100k X number of account owners.
The number of beneficiaries are used only on what FDIC considers as a trust based account. If I recall, bank accounts need to be explicitedly opened with either a PDO designation or undering the name of your living trust and/or your existing joint account converted to such with a designation.
I don't think a traditional joint account have that beneficiary insurance alone. Just telling you so if something should happen, and you're in the situation, don't want you to see you get screwed on a technicality.
When I talked to a Wells a few months ago, they mentioned it is entirely possible to have individual, joint, trust accounts together, and you would be each insured up to the maximum limits of each category of accounts.
For trust accounts, there is also a definition of what "qualified" beneficiary means. Weird rules determine what qualified "beneficiary" is if they aren't your spose and immediate children. However, this probably the most common case for most families with a living trust.
Quote:
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
For example:
A husband and wife are co-owners of a living trust. The trust states that upon the death of one spouse the assets will pass to the surviving spouse, and upon the death of the last owner the assets will pass to their three children equally. This trust's deposit account would be insured up to $600,000. Since each owner names three qualifying beneficiaries, the owners (husband and wife) will be insured up to $300,000 each.http://www.fdic.gov/deposit/deposits/insured/ownership4.html#revocable
I guess this is just one of many reasons why one should get a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
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January 4, 2008 at 1:34 PM #129503Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is "payable on death" (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
esmith, I'm not an expert on this. But I believe you might be combining two things together. The two classes of accounts you speak of is a joint account versus a trust account. Joint accounts are insuranced $100k X number of account owners.
The number of beneficiaries are used only on what FDIC considers as a trust based account. If I recall, bank accounts need to be explicitedly opened with either a PDO designation or undering the name of your living trust and/or your existing joint account converted to such with a designation.
I don't think a traditional joint account have that beneficiary insurance alone. Just telling you so if something should happen, and you're in the situation, don't want you to see you get screwed on a technicality.
When I talked to a Wells a few months ago, they mentioned it is entirely possible to have individual, joint, trust accounts together, and you would be each insured up to the maximum limits of each category of accounts.
For trust accounts, there is also a definition of what "qualified" beneficiary means. Weird rules determine what qualified "beneficiary" is if they aren't your spose and immediate children. However, this probably the most common case for most families with a living trust.
Quote:
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
For example:
A husband and wife are co-owners of a living trust. The trust states that upon the death of one spouse the assets will pass to the surviving spouse, and upon the death of the last owner the assets will pass to their three children equally. This trust's deposit account would be insured up to $600,000. Since each owner names three qualifying beneficiaries, the owners (husband and wife) will be insured up to $300,000 each.http://www.fdic.gov/deposit/deposits/insured/ownership4.html#revocable
I guess this is just one of many reasons why one should get a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
-
January 4, 2008 at 1:34 PM #129534Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is "payable on death" (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
esmith, I'm not an expert on this. But I believe you might be combining two things together. The two classes of accounts you speak of is a joint account versus a trust account. Joint accounts are insuranced $100k X number of account owners.
The number of beneficiaries are used only on what FDIC considers as a trust based account. If I recall, bank accounts need to be explicitedly opened with either a PDO designation or undering the name of your living trust and/or your existing joint account converted to such with a designation.
I don't think a traditional joint account have that beneficiary insurance alone. Just telling you so if something should happen, and you're in the situation, don't want you to see you get screwed on a technicality.
When I talked to a Wells a few months ago, they mentioned it is entirely possible to have individual, joint, trust accounts together, and you would be each insured up to the maximum limits of each category of accounts.
For trust accounts, there is also a definition of what "qualified" beneficiary means. Weird rules determine what qualified "beneficiary" is if they aren't your spose and immediate children. However, this probably the most common case for most families with a living trust.
Quote:
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
For example:
A husband and wife are co-owners of a living trust. The trust states that upon the death of one spouse the assets will pass to the surviving spouse, and upon the death of the last owner the assets will pass to their three children equally. This trust's deposit account would be insured up to $600,000. Since each owner names three qualifying beneficiaries, the owners (husband and wife) will be insured up to $300,000 each.http://www.fdic.gov/deposit/deposits/insured/ownership4.html#revocable
I guess this is just one of many reasons why one should get a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
- If a living trust has multiple owners, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies.
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January 4, 2008 at 10:56 AM #129320Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is “payable on death” (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
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January 4, 2008 at 10:56 AM #129327Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is “payable on death” (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
-
January 4, 2008 at 10:56 AM #129393Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is “payable on death” (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
-
January 4, 2008 at 10:56 AM #129424Participant
The amount insured is $100,000, times the number of owners of the account, times the number of people to whom the account is “payable on death” (if greater than one).
Say you have a wife and three kids, you open a joint account with your wife and make the account POD to each one of your kids. It will be insured for $600,000 ($100,000 * 2 * 3).
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January 4, 2008 at 10:48 AM #129315Participant
You can open two savings account at 2 different banks and put $50k in each.
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January 4, 2008 at 10:48 AM #129322Participant
You can open two savings account at 2 different banks and put $50k in each.
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January 4, 2008 at 10:48 AM #129388Participant
You can open two savings account at 2 different banks and put $50k in each.
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January 4, 2008 at 10:48 AM #129419Participant
You can open two savings account at 2 different banks and put $50k in each.
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January 4, 2008 at 11:03 AM #129176Participant
I'd recommend you read up on the rules. The $100k insured is for individuals. There's other limits for joint accounts and for accounts under a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 12:55 PM #129241
Arty
ParticipantI actually have few personal questions, that need someone’s opinions. Don’t worry, I just need a few brains to help me think this through. Let’s say I have cash out last July. Now the cash is sitting in Wells trade none-FDIC insured money market account. First, should I be worried about Wells Trade Money Market? Its interest is okay at 4.75% I think. If I move to FDIC insured account, it will drop to about 1.15%. Second, I can also move the money all away from the trading account and get a CD. However, if I want to trade fast, I have re-do all the works. I want to buy some stocks but I am too risk adverse….any suggestion…?
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January 4, 2008 at 1:02 PM #129246Participant
Arty, if you care about FDIC insurance… What you can do is create an EmigrantDirect.com savings account. Current rate is 4.65% and it's fdic insured. You electronically link that account to your wells fargo checking or savings. Then you can move money in and out as much as you need.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 1:02 PM #129415Participant
Arty, if you care about FDIC insurance… What you can do is create an EmigrantDirect.com savings account. Current rate is 4.65% and it's fdic insured. You electronically link that account to your wells fargo checking or savings. Then you can move money in and out as much as you need.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 1:02 PM #129421Participant
Arty, if you care about FDIC insurance… What you can do is create an EmigrantDirect.com savings account. Current rate is 4.65% and it's fdic insured. You electronically link that account to your wells fargo checking or savings. Then you can move money in and out as much as you need.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 1:02 PM #129488Participant
Arty, if you care about FDIC insurance… What you can do is create an EmigrantDirect.com savings account. Current rate is 4.65% and it's fdic insured. You electronically link that account to your wells fargo checking or savings. Then you can move money in and out as much as you need.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 1:02 PM #129519Participant
Arty, if you care about FDIC insurance… What you can do is create an EmigrantDirect.com savings account. Current rate is 4.65% and it's fdic insured. You electronically link that account to your wells fargo checking or savings. Then you can move money in and out as much as you need.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 1:08 PM #129256
sdnerd
ParticipantIf you shop around, you can find respectable FDIC insured checking/savings rates.
Countrywide has a 5.25% one right now, ING Direct and Presidential both have okay rates as well. You can get ~6% for 6 month CDs if you look hard enough.
Wells Fargo has terrible rates; just keep a free checking account with them for ATM and bank access.
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January 4, 2008 at 1:45 PM #129281
utcsox
ParticipantWhat happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
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January 4, 2008 at 1:58 PM #129296Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
R.T.F.M. 🙂 Just kidding.
"The FDIC would either transfer the insured depositor's account to another FDIC insured bank, or give the insured depositor a check equal to their account balance. This includes the principal and interest accrued through the date of the bank's closing, up to the insurance limit."
http://www.fdic.gov/deposit/deposits/deposit/faqs/index.htmlÂ
Where I would see you lose interest would be the time it takes for you to move the money to your new account after a bank fails.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 2:38 PM #129306Participant
Thanks fat lazy union. I guess there is not much to worry when you deposit money in a FDIC insured shady bank.
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January 4, 2008 at 2:38 PM #129475Participant
Thanks fat lazy union. I guess there is not much to worry when you deposit money in a FDIC insured shady bank.
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January 4, 2008 at 2:38 PM #129482Participant
Thanks fat lazy union. I guess there is not much to worry when you deposit money in a FDIC insured shady bank.
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January 4, 2008 at 2:38 PM #129548Participant
Thanks fat lazy union. I guess there is not much to worry when you deposit money in a FDIC insured shady bank.
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January 4, 2008 at 2:38 PM #129579Participant
Thanks fat lazy union. I guess there is not much to worry when you deposit money in a FDIC insured shady bank.
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January 4, 2008 at 1:58 PM #129465Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
R.T.F.M. 🙂 Just kidding.
"The FDIC would either transfer the insured depositor's account to another FDIC insured bank, or give the insured depositor a check equal to their account balance. This includes the principal and interest accrued through the date of the bank's closing, up to the insurance limit."
http://www.fdic.gov/deposit/deposits/deposit/faqs/index.htmlÂ
Where I would see you lose interest would be the time it takes for you to move the money to your new account after a bank fails.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
-
January 4, 2008 at 1:58 PM #129472Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
R.T.F.M. 🙂 Just kidding.
"The FDIC would either transfer the insured depositor's account to another FDIC insured bank, or give the insured depositor a check equal to their account balance. This includes the principal and interest accrued through the date of the bank's closing, up to the insurance limit."
http://www.fdic.gov/deposit/deposits/deposit/faqs/index.htmlÂ
Where I would see you lose interest would be the time it takes for you to move the money to your new account after a bank fails.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
-
January 4, 2008 at 1:58 PM #129538Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
R.T.F.M. 🙂 Just kidding.
"The FDIC would either transfer the insured depositor's account to another FDIC insured bank, or give the insured depositor a check equal to their account balance. This includes the principal and interest accrued through the date of the bank's closing, up to the insurance limit."
http://www.fdic.gov/deposit/deposits/deposit/faqs/index.htmlÂ
Where I would see you lose interest would be the time it takes for you to move the money to your new account after a bank fails.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
-
January 4, 2008 at 1:58 PM #129569Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
R.T.F.M. 🙂 Just kidding.
"The FDIC would either transfer the insured depositor's account to another FDIC insured bank, or give the insured depositor a check equal to their account balance. This includes the principal and interest accrued through the date of the bank's closing, up to the insurance limit."
http://www.fdic.gov/deposit/deposits/deposit/faqs/index.htmlÂ
Where I would see you lose interest would be the time it takes for you to move the money to your new account after a bank fails.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
-
January 4, 2008 at 1:45 PM #129450Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
-
January 4, 2008 at 1:45 PM #129456Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
-
January 4, 2008 at 1:45 PM #129523Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
-
January 4, 2008 at 1:45 PM #129554Participant
What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
-
January 4, 2008 at 1:08 PM #129425Participant
If you shop around, you can find respectable FDIC insured checking/savings rates.
Countrywide has a 5.25% one right now, ING Direct and Presidential both have okay rates as well. You can get ~6% for 6 month CDs if you look hard enough.
Wells Fargo has terrible rates; just keep a free checking account with them for ATM and bank access.
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January 4, 2008 at 1:08 PM #129431Participant
If you shop around, you can find respectable FDIC insured checking/savings rates.
Countrywide has a 5.25% one right now, ING Direct and Presidential both have okay rates as well. You can get ~6% for 6 month CDs if you look hard enough.
Wells Fargo has terrible rates; just keep a free checking account with them for ATM and bank access.
-
January 4, 2008 at 1:08 PM #129498Participant
If you shop around, you can find respectable FDIC insured checking/savings rates.
Countrywide has a 5.25% one right now, ING Direct and Presidential both have okay rates as well. You can get ~6% for 6 month CDs if you look hard enough.
Wells Fargo has terrible rates; just keep a free checking account with them for ATM and bank access.
-
January 4, 2008 at 1:08 PM #129529Participant
If you shop around, you can find respectable FDIC insured checking/savings rates.
Countrywide has a 5.25% one right now, ING Direct and Presidential both have okay rates as well. You can get ~6% for 6 month CDs if you look hard enough.
Wells Fargo has terrible rates; just keep a free checking account with them for ATM and bank access.
-
January 4, 2008 at 9:12 PM #129596
bubba99
ParticipantAtry,
Get your money out of the un-insured account now. Wells Fargo is the lowest paying bank around. The money is not safe, and even if it were, you should be getting 10% not 4.75% on a B.S. uninsured bank garbage fund. Remember how many people lost everything in the last real estate turndown.
Capital one is offering 4.5 on an insured money market, Wachovia is offering 5%+ on a 5 month certificate – all completely insured. Open a brokerage account and get 4.5% on the money in your trading account (completely insured)at morgan stanley or other big names.
Go to Wells Fargo, cash out the non-insured account, get a cashiers check and take it down the street.
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January 4, 2008 at 9:12 PM #129766Participant
Atry,
Get your money out of the un-insured account now. Wells Fargo is the lowest paying bank around. The money is not safe, and even if it were, you should be getting 10% not 4.75% on a B.S. uninsured bank garbage fund. Remember how many people lost everything in the last real estate turndown.
Capital one is offering 4.5 on an insured money market, Wachovia is offering 5%+ on a 5 month certificate – all completely insured. Open a brokerage account and get 4.5% on the money in your trading account (completely insured)at morgan stanley or other big names.
Go to Wells Fargo, cash out the non-insured account, get a cashiers check and take it down the street.
-
January 4, 2008 at 9:12 PM #129772Participant
Atry,
Get your money out of the un-insured account now. Wells Fargo is the lowest paying bank around. The money is not safe, and even if it were, you should be getting 10% not 4.75% on a B.S. uninsured bank garbage fund. Remember how many people lost everything in the last real estate turndown.
Capital one is offering 4.5 on an insured money market, Wachovia is offering 5%+ on a 5 month certificate – all completely insured. Open a brokerage account and get 4.5% on the money in your trading account (completely insured)at morgan stanley or other big names.
Go to Wells Fargo, cash out the non-insured account, get a cashiers check and take it down the street.
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January 4, 2008 at 9:12 PM #129839Participant
Atry,
Get your money out of the un-insured account now. Wells Fargo is the lowest paying bank around. The money is not safe, and even if it were, you should be getting 10% not 4.75% on a B.S. uninsured bank garbage fund. Remember how many people lost everything in the last real estate turndown.
Capital one is offering 4.5 on an insured money market, Wachovia is offering 5%+ on a 5 month certificate – all completely insured. Open a brokerage account and get 4.5% on the money in your trading account (completely insured)at morgan stanley or other big names.
Go to Wells Fargo, cash out the non-insured account, get a cashiers check and take it down the street.
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January 4, 2008 at 9:12 PM #129869Participant
Atry,
Get your money out of the un-insured account now. Wells Fargo is the lowest paying bank around. The money is not safe, and even if it were, you should be getting 10% not 4.75% on a B.S. uninsured bank garbage fund. Remember how many people lost everything in the last real estate turndown.
Capital one is offering 4.5 on an insured money market, Wachovia is offering 5%+ on a 5 month certificate – all completely insured. Open a brokerage account and get 4.5% on the money in your trading account (completely insured)at morgan stanley or other big names.
Go to Wells Fargo, cash out the non-insured account, get a cashiers check and take it down the street.
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January 4, 2008 at 12:55 PM #129409Participant
I actually have few personal questions, that need someone’s opinions. Don’t worry, I just need a few brains to help me think this through. Let’s say I have cash out last July. Now the cash is sitting in Wells trade none-FDIC insured money market account. First, should I be worried about Wells Trade Money Market? Its interest is okay at 4.75% I think. If I move to FDIC insured account, it will drop to about 1.15%. Second, I can also move the money all away from the trading account and get a CD. However, if I want to trade fast, I have re-do all the works. I want to buy some stocks but I am too risk adverse….any suggestion…?
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January 4, 2008 at 12:55 PM #129416Participant
I actually have few personal questions, that need someone’s opinions. Don’t worry, I just need a few brains to help me think this through. Let’s say I have cash out last July. Now the cash is sitting in Wells trade none-FDIC insured money market account. First, should I be worried about Wells Trade Money Market? Its interest is okay at 4.75% I think. If I move to FDIC insured account, it will drop to about 1.15%. Second, I can also move the money all away from the trading account and get a CD. However, if I want to trade fast, I have re-do all the works. I want to buy some stocks but I am too risk adverse….any suggestion…?
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January 4, 2008 at 12:55 PM #129483Participant
I actually have few personal questions, that need someone’s opinions. Don’t worry, I just need a few brains to help me think this through. Let’s say I have cash out last July. Now the cash is sitting in Wells trade none-FDIC insured money market account. First, should I be worried about Wells Trade Money Market? Its interest is okay at 4.75% I think. If I move to FDIC insured account, it will drop to about 1.15%. Second, I can also move the money all away from the trading account and get a CD. However, if I want to trade fast, I have re-do all the works. I want to buy some stocks but I am too risk adverse….any suggestion…?
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January 4, 2008 at 12:55 PM #129515Participant
I actually have few personal questions, that need someone’s opinions. Don’t worry, I just need a few brains to help me think this through. Let’s say I have cash out last July. Now the cash is sitting in Wells trade none-FDIC insured money market account. First, should I be worried about Wells Trade Money Market? Its interest is okay at 4.75% I think. If I move to FDIC insured account, it will drop to about 1.15%. Second, I can also move the money all away from the trading account and get a CD. However, if I want to trade fast, I have re-do all the works. I want to buy some stocks but I am too risk adverse….any suggestion…?
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January 4, 2008 at 11:03 AM #129345Participant
I'd recommend you read up on the rules. The $100k insured is for individuals. There's other limits for joint accounts and for accounts under a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 11:03 AM #129352Participant
I'd recommend you read up on the rules. The $100k insured is for individuals. There's other limits for joint accounts and for accounts under a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 11:03 AM #129418Participant
I'd recommend you read up on the rules. The $100k insured is for individuals. There's other limits for joint accounts and for accounts under a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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January 4, 2008 at 11:03 AM #129449Participant
I'd recommend you read up on the rules. The $100k insured is for individuals. There's other limits for joint accounts and for accounts under a living trust.
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
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