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Go with Wachovia, their service is the best by far and when they change to Citi you will be with the most secure bank in the USA. They also have branches through out the area.
I guess its a good time to go over the protection limits for various financial accounts. Being an advisor I have been asked this numerous times the last couple of weeks:
Bank CD : 100K per account.
Money Markets: Previously not covered but recently brought under the bail out umbrella. This includes taxable and tax free money markets.
Cash in a broker/dealer: 1 million individual. 2 million joint. Note: This is only for the cash portion of the account.{Firms go through several banks to accomplish this. 10 banks*100,000 each=1 million per individual.}
The brokerage accounts usually are protected for upto
500000: SIPC insurance plus
99.5k through LLoyds of London or related intermediaries, totalling approx 100 million, subject to a maximum per firm limit.{usually 150m}
Hope that makes you sleep better!!
To join the State Employees' Credit Union, you must be a state employee or teacher, or the spouse, parent, sibling, or child of a state employee or teacher.
Actually, when the FDIC takes over a bank (always on a Friday morning, by the way) the accounts are transferred to another hopefully more solvent bank. Customers of the now-defunct bank can begin banking at the new bank with very little or no interruption of service.
Note that the process for WaMu and Wachovia will be different as the FDIC did not close those banks..they were purchased by other hopefully more solvent banks.
You are right -- the OP might be referring to what happens to the amounts in excess of the FDIC protection. There, depositors usually get some money back, but only a portion and only after the FDIC has managed to sell all the assets of the bank that's gone under.
Another option for folks looking to protect their money -- the Certificate of Deposit Account Registry Service, available through many banks. With banks that offer CDARS, you can get a CD at a particular interest rate, and the money will be actually invested in CDs around the network with less than $100,000 at any particular institution. So your CD investment will be protected in full, whether you deposit $100,000 or $50 million (the maximum allowed under CDARS).
Here is my 2 cents about banks. I use to work on the tech side at a bank and then for a software company who serviced banks.
While your money (up to 100K per bank) is FDIC ensured, mergers are a pain in the patootie for banks, employees, and customers. I've lived through too many as a customer, employee, and vendor. Hate them with a passion.
After Citi gets ahold of Wachovia's accounts, Citi, BofA, and Chase will hold more than 50% of the accounts in this country. Personally, I do not think it's a healthy thing for 3 banks to hold onto this much money, accounts, and power. Think of the lobbying block they could have. Also, if all 3 of them failed, the economic system is probably done for. I personally like the idea of spreading the wealth around a bit more.
Accounts are currently w/ Wachovia (Walk all over us). We will be moving to either a credit union or BB&T (Butter Beans & Turnips ). While my account balances are a small influence in the big scheme of things, I don't plan to be one of those people in that 50%. We've decided that we normally try to support small businesses and are questioning why we aren't doing that with our banking.
I spread my pennies around. The credit unions usually offer better savings rates. So, I maintain accounts there. I also keep money at Wachovia because they have ATMs every where, which makes it easier when I travel.
With online banking and ATMs, your banking options are limitless. We truly live in incredible times.
I spread my pennies around. The credit unions usually offer better savings rates. So, I maintain accounts there. I also keep money at Wachovia because they have ATMs every where, which makes it easier when I travel.
With online banking and ATMs, your banking options are limitless. We truly live in incredible times.
Since you maintain accounts with credit unions, didn't you know that credit union ATMs are part of what's known as the Co-Op Network? That means that you can use any other credit union's ATMs anywhere in the country FREE of surcharges.That's over 25,000 ATMs, which is more than Bank of America, Wells Fargo, Wachovia, or any other big-name commercial bank. Here's the website for the Co-Op Network:
This reason alone was enough for me to close my accounts with WaMu and switch to a local credit union. Hope this is helpful for you.
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Limits
). While my account balances are a small influence in the big scheme of things, I don't plan to be one of those people in that 50%. We've decided that we normally try to support small businesses and are questioning why we aren't doing that with our banking.
Credit Union ATM Co-Op Network
