Keeping CDs in Country wide Bank is safe or not?

[5yearwaiter]

Bubblesitter Thanks for the information.

If I have CDs with joint name along with my name, still the limit for FDIC is just 100k or it is going to be 200K. I heard this is per person, so in joint holdings this is going to be automatically 200K limit, am I correct?

Second concern, how sure countrywide bank already hit the worst situation that we need to draw our excess funds? you can comment in 1 – 10 scale.

If we withdraw CDs how much penalties we supposed to pay? any formula?

Appreciate your comments n suggestions

5yearswaiter

[cashman]

Read this latest post from Karl Denninger:
http://market-ticker.denninger.net/2007/08/weekend-speech-part-deux-come-to-jesus.html
I’m scrambling right now to get my house in order.

[cashman]

Read this latest post from Karl Denninger:
http://market-ticker.denninger.net/2007/08/weekend-speech-part-deux-come-to-jesus.html
I’m scrambling right now to get my house in order.

[cashman]

Read this latest post from Karl Denninger:
http://market-ticker.denninger.net/2007/08/weekend-speech-part-deux-come-to-jesus.html
I’m scrambling right now to get my house in order.

[HLS]

The FDIC insurance rules are a bit complicated.
Joint accounts are considered to be 50-50, so
$100,000 in a joint account is $50K per SSN.

If spouse A has $100K in their name only and a second $100K account is joint with Spouse B, spouse B will only get $50K from the insurance and Spouse A will get zero from the 2nd account.

CD penalties are listed on CW’s website, depends on the length.

Certain retirement accounts are FDIC insured up to $250K.

As long as you know the rules, I wouldn’t worry about FDIC insured accounts at Countrywide Bank.

Read the following, especially the part about POD accounts.

http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html

Payable-on-death (POD) accounts – also known as testamentary or Totten Trust accounts – are the most common form of revocable trust deposits. These informal revocable trusts are created when the account owner signs an agreement – usually part of the bank’s signature card – stating that the deposits will be payable to one or more named beneficiaries upon the owner’s death.

The beneficiary must be the owner’s spouse, child, grandchild, parent, or sibling. Adopted and stepchildren, grandchildren, parents, and siblings also qualify….

In-laws, grandparents, great-grandchildren, cousins, nieces and nephews, friends, organizations (including charities), and trusts DO NOT qualify.

[HLS]

The FDIC insurance rules are a bit complicated.
Joint accounts are considered to be 50-50, so
$100,000 in a joint account is $50K per SSN.

If spouse A has $100K in their name only and a second $100K account is joint with Spouse B, spouse B will only get $50K from the insurance and Spouse A will get zero from the 2nd account.

CD penalties are listed on CW’s website, depends on the length.

Certain retirement accounts are FDIC insured up to $250K.

As long as you know the rules, I wouldn’t worry about FDIC insured accounts at Countrywide Bank.

Read the following, especially the part about POD accounts.

http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html

Payable-on-death (POD) accounts – also known as testamentary or Totten Trust accounts – are the most common form of revocable trust deposits. These informal revocable trusts are created when the account owner signs an agreement – usually part of the bank’s signature card – stating that the deposits will be payable to one or more named beneficiaries upon the owner’s death.

The beneficiary must be the owner’s spouse, child, grandchild, parent, or sibling. Adopted and stepchildren, grandchildren, parents, and siblings also qualify….

In-laws, grandparents, great-grandchildren, cousins, nieces and nephews, friends, organizations (including charities), and trusts DO NOT qualify.

[HLS]

The FDIC insurance rules are a bit complicated.
Joint accounts are considered to be 50-50, so
$100,000 in a joint account is $50K per SSN.

If spouse A has $100K in their name only and a second $100K account is joint with Spouse B, spouse B will only get $50K from the insurance and Spouse A will get zero from the 2nd account.

CD penalties are listed on CW’s website, depends on the length.

Certain retirement accounts are FDIC insured up to $250K.

As long as you know the rules, I wouldn’t worry about FDIC insured accounts at Countrywide Bank.

Read the following, especially the part about POD accounts.

http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html

Payable-on-death (POD) accounts – also known as testamentary or Totten Trust accounts – are the most common form of revocable trust deposits. These informal revocable trusts are created when the account owner signs an agreement – usually part of the bank’s signature card – stating that the deposits will be payable to one or more named beneficiaries upon the owner’s death.

The beneficiary must be the owner’s spouse, child, grandchild, parent, or sibling. Adopted and stepchildren, grandchildren, parents, and siblings also qualify….

In-laws, grandparents, great-grandchildren, cousins, nieces and nephews, friends, organizations (including charities), and trusts DO NOT qualify.

[5yearwaiter]

Cashman, that information is indeed very helpful, however my question is not cleared. If married couple opens CDs joint owner ship around 3 CDs each of 50K ( total is 150K) then according to this per person consideration is 50K only, so is there any chance that we lose 50K? incase of any bankcruptacy according to FDIC rules

5yearswaiter

[5yearwaiter]

Cashman, that information is indeed very helpful, however my question is not cleared. If married couple opens CDs joint owner ship around 3 CDs each of 50K ( total is 150K) then according to this per person consideration is 50K only, so is there any chance that we lose 50K? incase of any bankcruptacy according to FDIC rules

5yearswaiter

[5yearwaiter]

Cashman, that information is indeed very helpful, however my question is not cleared. If married couple opens CDs joint owner ship around 3 CDs each of 50K ( total is 150K) then according to this per person consideration is 50K only, so is there any chance that we lose 50K? incase of any bankcruptacy according to FDIC rules

5yearswaiter

[HLS]

5 year,
The answer to your question is just above your repost.

Did I overlook something ? It is CRUCIAL how the accounts are titled.

EACH SSN is covered to $100K.

I even posted a link to try and help you out. Go figure.
Maybe only Cashman speaks your language.

[HLS]

5 year,
The answer to your question is just above your repost.

Did I overlook something ? It is CRUCIAL how the accounts are titled.

EACH SSN is covered to $100K.

I even posted a link to try and help you out. Go figure.
Maybe only Cashman speaks your language.

[HLS]

5 year,
The answer to your question is just above your repost.

Did I overlook something ? It is CRUCIAL how the accounts are titled.

EACH SSN is covered to $100K.

I even posted a link to try and help you out. Go figure.
Maybe only Cashman speaks your language.

[5yearwaiter]

HLS I apoligize for this overlooking your thread and I was just steping one message after another. Yup ! you gave full details. still according to each SSN got 100k means and again per person it is 50K joint which meand in joint we lose the chance of more than 100K FDIC for couple, hope I am correct?.

5yearswaiter

[5yearwaiter]

HLS I apoligize for this overlooking your thread and I was just steping one message after another. Yup ! you gave full details. still according to each SSN got 100k means and again per person it is 50K joint which meand in joint we lose the chance of more than 100K FDIC for couple, hope I am correct?.

5yearswaiter

[Author]

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