FDIC Question (charge, balance, house, accept)

[JoeyT]

Read the language of the law. It's $100,000 per account, not per person.

It's $100,000 per PROPERLY TITLED account.

$200,000 in two separate accounts in your own name and you'd only get $100,000 back. $100,000 in your own name, $100,000 in a POD (pay on death) and you'd get back $200,000. But I'd keep $100,000 in separate bank accounts these days just to be safe.

[KMG1]

Originally Posted by JoeyT

It's $100,000 per PROPERLY TITLED account.

$200,000 in two separate accounts in your own name and you'd only get $100,000 back. $100,000 in your own name, $100,000 in a POD (pay on death) and you'd get back $200,000. But I'd keep $100,000 in separate bank accounts these days just to be safe.

Exactly.

[Hobokenkitchen]

Capital One has a decent interest rate too. Any customers of Capital One out there? Satisfied?

[cpg35223]

Well, it's now possible to buy larger insurance policies on accounts up to $50,000,000 through the FDIC.

[TimtheGuy]

Originally Posted by cpg35223

Well, it's now possible to buy larger insurance policies on accounts up to $50,000,000 through the FDIC.

?? like for a fee or what??

[k374]

Suze Orman had it on her show last weekend and she said it is PER DEPOSITOR. Here we go again, more confusion!! Now I always thought it is per account but she said she has a message from the director of FDIC to clarify this and it is per depositor not per account.

[HappyTexan]

Here's the FDIC link. There's some language on "depositor" exceptions to the $100K insurance. It's not a blanket "per depositor" insurance.

FDIC: Insuring Your Deposits (http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html - broken link)

[Hobokenkitchen]

Just an update on this. Having spoken to our banks and got different answers from each of them, we called the FDIC directly.

Here is how it works if you have multiple 100,000s in one bank.

Husband: $100,000 FULLY INSURED
Wife: $100,000 FULLY INSURED
Husband & Wife Joint Account: $200,000 FULLY INSURED.

So you can have a total of $400,000 per bank (without going into accounts in trust) with a single bank and be fully insured.

The lady at BoA told us that it was:

Husband: $100,000 FULLY INSURED
Wife: $100,000 FULLY INSURED
Husband & Wife Joint Account: $200,000. Only $100,000 insured, for a total of 300k insured per bank.

But according to the FDIC and the people at HSBC, she is incorrect.
It worries me greatly that not even the people working in the banks (the advisors, not tellers) know how the FDIC insurance works when you get into the multiple 100s of thousands.

Hope this helps anyone who is wondering, but as always, make sure you call the FDIC yourselves to be sure of your situation.

[HappyTexan]

To play it safe..cause even the bankers don't seem to know..only keep 100K at any one bank.

I'm using 3 banks currently and each account has under 100K.

[Hobokenkitchen]

Originally Posted by HappyTexan

To play it safe..cause even the bankers don't seem to know..only keep 100K at any one bank.

I'm using 3 banks currently and each account has under 100K.

Maybe per person - as a couple you can have more in one bank. As I said, we actually called the FDIC (twice in fact) and asked the same question. They both said $100,000 in each individual account and $200,000 in a joint for a total of $400,000.