How safe is SDCCU

[newbiz]

I was trying to get some info on how stable SDCCU is and ended up reading their 2006 Anual report. I was not able to get much out of it. Here are the highlights

assets – 3.7 billion, wilth 2.7 billion in loans to members, 700 mil in non FAS 115 inverstments, rest in other investments

Liabilities – 3.2 Billion – mostly deposites from members

Only info I could find about their exposure to home loans is – home loans to 1400 members totalling 85 Mil in loan value in 2006.

What were they giving out as home loans 50K a pop?

Well, request to the financial gurus on the forum. Can you guys please explain what you think is the risk level of SDCCU, based on info you have access to about SDCCU.

Obviously, I have large depositis in SDCCU and I would like to be prepared than be sorry if something goes bad.
thanks

[bsrsharma]

I have large deposits in SDCCU

 Notwithstanding anything anyone may advice here, my advice is simple. Chop it up into 100K blocks and spread around different institutions (in FDIC protected accounts). At least that is what I am going to do. Don't analyze those numbers too much. They mean nothing when the underlying asset class is of seriously suspect value.

[bsrsharma]

I have large deposits in SDCCU

 Notwithstanding anything anyone may advice here, my advice is simple. Chop it up into 100K blocks and spread around different institutions (in FDIC protected accounts). At least that is what I am going to do. Don't analyze those numbers too much. They mean nothing when the underlying asset class is of seriously suspect value.

[bsrsharma]

I have large deposits in SDCCU

 Notwithstanding anything anyone may advice here, my advice is simple. Chop it up into 100K blocks and spread around different institutions (in FDIC protected accounts). At least that is what I am going to do. Don't analyze those numbers too much. They mean nothing when the underlying asset class is of seriously suspect value.

[waterboy]

I believe you can also put up to $1MM in money market with firms such as Edward Jones or LPL Financial as they split your money up between 10 different banks so it is all insured. I believe the rates are above 4.5% for $500k or more.

[waterboy]

I believe you can also put up to $1MM in money market with firms such as Edward Jones or LPL Financial as they split your money up between 10 different banks so it is all insured. I believe the rates are above 4.5% for $500k or more.

[waterboy]

I believe you can also put up to $1MM in money market with firms such as Edward Jones or LPL Financial as they split your money up between 10 different banks so it is all insured. I believe the rates are above 4.5% for $500k or more.

[bob2007]

Does anyone have an understanding of the FDIC insurance on CDs at the same institution? A joint account for example:
– $200k insured in savings/checking combined ($100k each member)
– You then take out up to a $200k CD. I “think” that the total of all CDs you have at a single bank may be insured up to $200k for the joint account.

Does anyone know if this is indeed the case?

[bob2007]

Does anyone have an understanding of the FDIC insurance on CDs at the same institution? A joint account for example:
– $200k insured in savings/checking combined ($100k each member)
– You then take out up to a $200k CD. I “think” that the total of all CDs you have at a single bank may be insured up to $200k for the joint account.

Does anyone know if this is indeed the case?

[bob2007]

Does anyone have an understanding of the FDIC insurance on CDs at the same institution? A joint account for example:
– $200k insured in savings/checking combined ($100k each member)
– You then take out up to a $200k CD. I “think” that the total of all CDs you have at a single bank may be insured up to $200k for the joint account.

Does anyone know if this is indeed the case?

[bob2007]

Looks like the CDs are combined with the other accounts. From the FDIC web site:
http://www.fdic.gov/deposit/deposits/insuringdeposits/

Single Accounts
These are deposit accounts owned by one person and titled in that person’s name only. All of your single accounts at the same insured bank are added together and the total is insured up to $100,000. For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $100,000.

[bob2007]

Looks like the CDs are combined with the other accounts. From the FDIC web site:
http://www.fdic.gov/deposit/deposits/insuringdeposits/

Single Accounts
These are deposit accounts owned by one person and titled in that person’s name only. All of your single accounts at the same insured bank are added together and the total is insured up to $100,000. For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $100,000.

[bob2007]

Looks like the CDs are combined with the other accounts. From the FDIC web site:
http://www.fdic.gov/deposit/deposits/insuringdeposits/

Single Accounts
These are deposit accounts owned by one person and titled in that person’s name only. All of your single accounts at the same insured bank are added together and the total is insured up to $100,000. For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $100,000.

[El Jefe]

IIRC, you can have up to 100K of single accounts insured AND additionally contribute up to 100K of FDIC insurance toward a joint account, totalling 200K/SSN.

IE

You(single acct): 50K checking + 50K CD

you + wife(joint acct): 200K CD

wife(single acct): 100K CD

All Insured.

[El Jefe]

IIRC, you can have up to 100K of single accounts insured AND additionally contribute up to 100K of FDIC insurance toward a joint account, totalling 200K/SSN.

IE

You(single acct): 50K checking + 50K CD

you + wife(joint acct): 200K CD

wife(single acct): 100K CD

All Insured.

[Author]

Posts