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Old 07-19-2008, 09:39 PM
 
Location: Sherman Oaks, CA
6,308 posts, read 15,778,966 times
Reputation: 8404

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Yes, what he said.

Just to be clear, though, the SIPC insurance doesn't cover investment losses in your mutual funds.

In addition, SEC rules require that customers' money be kept completely separate and segregated from the brokerage's money, so that even if a brokerage has to close its doors, the customers' accounts will not be affected.

Quote:
Originally Posted by iGlenn View Post
Schwab is in no danger of failing. As a matter of fact Schwab has continued to report an increase in profits while other financial firms are reporting loses.

However, in the unlikely event that they do fail Schwab checking, savings accounts, and CD's are FDIC insured up to $100,000. Brokerage accounts (where your mutual funds are held) are SIPC insured up to $500,000 and Schwab has purchased additional insurance coverage from Lloyds of London.
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Old 07-19-2008, 10:33 PM
 
939 posts, read 3,130,625 times
Reputation: 619
Quote:
Originally Posted by HappyTexan View Post
Schwab is not a bank and is not insured under FDIC. It states this on their home page:

Charles Schwab: Investment Services Including Online Investing

"Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value"
Actually Schwab is a bank. They have checking accounts, CD's, Savings Accounts, and Loans.

http://www.schwab.com/public/schwab/...efpid=P-997170
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Old 07-20-2008, 06:07 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,879,292 times
Reputation: 3587
Quote:
Originally Posted by HappyTexan View Post
Schwab is not a bank and is not insured under FDIC. It states this on their home page:

Charles Schwab: Investment Services Including Online Investing

"Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value"
That is true but it is "effectively insured" by the Federal Reserve so I would not worry about it.
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Old 07-20-2008, 09:20 AM
JRR
 
Location: Middle Tennessee
4,365 posts, read 2,574,431 times
Reputation: 6636
Default Maybe we just need to turn off the TV

The media just keeps pounding us with how bad everything is. Constant pictures of people lined up at IndyMac Bank to get their money out. No pictures or stories of the many banks that are not having significant problems.

The we get people posting things like all banks are virtually bankrupt which just throws a bit more fuel on the fire. It sometimes seems that we are determined to take a relatively bad situation and make it into a disaster.

Human nature is that fear on the downside always gets overdone, just like exuberance on the upside.
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Old 07-20-2008, 10:12 AM
 
Location: Great State of Texas
86,068 posts, read 74,672,087 times
Reputation: 27602
If I were a customer of IndyMac and had a balance under $100K I'd keep it there.
I think "FDIC owned" is much better than "FDIC insured"
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Old 08-22-2014, 02:53 PM
 
1 posts, read 886 times
Reputation: 10
why did schwab drop sipc insurance on some of its accounts? sipc no longer appears on our statement.
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Old 08-22-2014, 03:13 PM
 
20,255 posts, read 14,746,466 times
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Quote:
Originally Posted by sue billingsley View Post
why did schwab drop sipc insurance on some of its accounts? sipc no longer appears on our statement.
They are still a member of sipc they can't drop it as they would lose all their business. Schwab.com has it listed at the bottom of the page
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