Comments on: How You Can Insure More Than $100,000 at the Same Bank http://allfinancialmatters.com/2008/07/23/how-you-can-insure-more-than-100000-at-the-same-bank/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 12:41:29 +0000 hourly 1 http://wordpress.org/?v= By: WorkerBee http://allfinancialmatters.com/2008/07/23/how-you-can-insure-more-than-100000-at-the-same-bank/comment-page-1/#comment-363844 WorkerBee Fri, 26 Sep 2008 03:33:56 +0000 http://allfinancialmatters.com/?p=2701#comment-363844 The FDIC was formed in 1933 when it determined that 100K was enough insurance. Well 100K back then was a lot of money, today it is not. Bank accounts today should be insured up to 500K in my opinion. If you have 500K it seems silly to have to randomly pick 6 different banks based on their chances of survival instead of based on their rate of return. The FDIC was formed in 1933 when it determined that 100K was enough insurance. Well 100K back then was a lot of money, today it is not. Bank accounts today should be insured up to 500K in my opinion. If you have 500K it seems silly to have to randomly pick 6 different banks based on their chances of survival instead of based on their rate of return.

]]> By: BenG http://allfinancialmatters.com/2008/07/23/how-you-can-insure-more-than-100000-at-the-same-bank/comment-page-1/#comment-339414 BenG Mon, 28 Jul 2008 02:37:36 +0000 http://allfinancialmatters.com/?p=2701#comment-339414 If you need more FDIC insurance, you may want to check out the CDARS system. A local bank can farm out CDs to other banks in order to provide up to $50 million in insured deposits... Not that most of us need that kind of insurance anyway! If you need more FDIC insurance, you may want to check out the CDARS system. A local bank can farm out CDs to other banks in order to provide up to $50 million in insured deposits… Not that most of us need that kind of insurance anyway!

]]> By: Eric J. Nisall http://allfinancialmatters.com/2008/07/23/how-you-can-insure-more-than-100000-at-the-same-bank/comment-page-1/#comment-337154 Eric J. Nisall Wed, 23 Jul 2008 17:32:52 +0000 http://allfinancialmatters.com/?p=2701#comment-337154 It is very important to ensure that the accounts are titled properly. Some people mistakenly believe that each account is insured for the maximum, but that cannot be more incorrect as for each titling of accounts, it is the total amount that is insured. For all accounts held in the same institution with the same titling (ie: an individual accountholder) the total of all accounts up to $100,000 will be insured. Anything over that amount in total will be uninsured. The FDIC has a nice little PDF that explains the whole insurance thing: http://www.fdic.gov/deposit/deposits/insured/yid.pdf It is very important to ensure that the accounts are titled properly. Some people mistakenly believe that each account is insured for the maximum, but that cannot be more incorrect as for each titling of accounts, it is the total amount that is insured. For all accounts held in the same institution with the same titling (ie: an individual accountholder) the total of all accounts up to $100,000 will be insured. Anything over that amount in total will be uninsured. The FDIC has a nice little PDF that explains the whole insurance thing: http://www.fdic.gov/deposit/deposits/insured/yid.pdf

]]> By: JLP http://allfinancialmatters.com/2008/07/23/how-you-can-insure-more-than-100000-at-the-same-bank/comment-page-1/#comment-337146 JLP Wed, 23 Jul 2008 17:11:05 +0000 http://allfinancialmatters.com/?p=2701#comment-337146 muddlehead, Yeah, I agree that people shouldn't have that much money sitting in a bank. muddlehead,

Yeah, I agree that people shouldn’t have that much money sitting in a bank.

]]> By: muddlehead http://allfinancialmatters.com/2008/07/23/how-you-can-insure-more-than-100000-at-the-same-bank/comment-page-1/#comment-337139 muddlehead Wed, 23 Jul 2008 16:56:29 +0000 http://allfinancialmatters.com/?p=2701#comment-337139 don't ever even have close to 100k at a bank! open an account at a discount broker (schwab scottrade tdameritrade vanguard fidelity...) of your choice. don’t ever even have close to 100k at a bank! open an account at a discount broker (schwab scottrade tdameritrade vanguard fidelity…) of your choice.

]]> By: Joe @ Simple Debt-Free Finance http://allfinancialmatters.com/2008/07/23/how-you-can-insure-more-than-100000-at-the-same-bank/comment-page-1/#comment-337117 Joe @ Simple Debt-Free Finance Wed, 23 Jul 2008 14:36:53 +0000 http://allfinancialmatters.com/?p=2701#comment-337117 I look forward to having this problem in the future. For the time being however, I am still quite far from the 100k limit on such things... Still, a great post JLP. Thanks for the info. I look forward to having this problem in the future. For the time being however, I am still quite far from the 100k limit on such things… Still, a great post JLP. Thanks for the info.

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