All those people with over $100K in liquid bank assets don't know the FDIC limits?

[exothermic]

As they line up in a huge panic to take it all out! Obviously they are all Republicans.
:shrug:

[high density]

1. FDIC has already announced that 50% of the uninsured funds will be paid

And additional funds will likely be paid as assets are sold off.

In past failures you can see that up to 100% of the money was recovered, though it took time.

http://www4.fdic.gov/DIVWEB/index.asp?details=all&#bottom

[mikelgb]

2. ive never even had more than 5% of that much in any account

at one time

[UndertheOcean]

3. So its better to keep money under the mattress , when and if I ever save more than 100,000 dollars

[Captain Angry]

5. I know you're being facetious

But you keep the money in multiple banks. And leaving cash around to gain 0-2% interest is just silly.

I'm afraid that a lot of people are going to panic, pull their money out and buy gold at nearly $1000. And when gold returns to a lower level that is better explained by normal supply/demand, these people will lose a huge percentage of their money in a matter of days.

[MercutioATC]

6. Alternately, just keep anything over $100k in a different bank...

...not just a different branch, a different institution.

[dysfunctional press]

23. or you can have multiple accounts at the same bank.

the fdic is per account, not per depositor.

[MercutioATC]

25. Untrue....with exceptions.

"The basic insurance amount is $100,000 per depositor, per insured bank.

The $100,000 amount applies to all depositors of an insured bank except for owners of certain retirement accounts, which are insured up to $250,000 per owner, per insured bank.

Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank.

Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $100,000 at one insured bank and still be fully insured."

http://www.fdic.gov/deposit/deposits/insured/basics.html

...and the link that gives the exceptions:

http://www.fdic.gov/deposit/deposits/insured/ownership.html


But, as a general statement, all of your accounts at a single bank are totaled and that total is insured to $100k.

[Gormy Cuss]

26. Right, and the biggest exception is if there is a joint owner of the account, such as a spouse

each depositor is insured up to 100K making the effective limit may be 200K. Other than that greater insured amounts are generally retirement accounts or certain types of trusts.

[dysfunctional press]

31. then the fucking bitch at the bank lied to me...the dirty whore.

but the funds are no longer there anyway...they went towards the new house.
thanks for the clarification.

[NewJeffCT]

42. she might not know, either

to be honest, or been told wrong info by management in the bank.

It's pretty confusing, but it is best to check, double-check and then check again. Try the FDIC itself, or your state's banking department.

[CK_John]

38. Bad info please self delete, you may cost someone hundreds of thousands in life savings. n/t

[dysfunctional press]

46. how does one self delete a post that's been up for hours...?

:shrug:
you must know, since you're the one who asked me to do so 4 hours after it was posted.

and btw- anybody who would take their financial advice from anonymous strangers on a political message board probably deserves to lose some big coin.

[Eurobabe]

45. damn that bug!

you get me everytime. :rofl:

[Lex]

9. Best. Strawman. Evah.

nt

[Skittles]

39. may I ask - isn't this 100,000 in one acct in one bank?

if you go over you can keep another account in another bank, no?

[NewJeffCT]

41. yes, but you cannot have two accounts in one bank

as long as the banks are separate

[Captain Angry]

4. Not even close.

The vast, VAST majority of citizens in this country have no clue how the financial industry works, what their protections are, etc.

Ignorance is not party specific.

My great aunt has piles of money stashed away in many banks and wouldn't be able to explain any of it. It's just from saving for 60+ years and living way below her means. She's worked on many a Democratic candidate's team in Philadelphia, etc.

[quaker bill]

7. I imagine some do and some don't

If you haven't noticed yet, intelligent decision making and large sums of money do not always run hand in hand.

The guy I heard being interviewed on NPR today had his life savings from a career in teaching there. He got about 60 cents on the dollar.

Let me see, California resident and career teacher, . . . I am reading a member of the Democratic party here. I could be wrong, but the odds are with me.

I have never exceeded the FDIC limits anywhere, but then I am not all that trusting of financial institutions.

[hobbit709]

8. My checking account balance of $3.47 isn't going to break me or the bank

I couldn't come up with a $100K+ in monopoly money.

[UndertheOcean]

10. Yup me too, $18.00 right know , I am richer than you!

yeah my dust , yeaaah !

[onethatcares]

11. well, you just wait until the bank

holds your last deposit so your next check bounces, that $3.47 is gonna be more like -$76.85 . Bettr get some monopoly money. Peace, I'm just razzin.

[hobbit709]

17. They can try

But 90% of my deposits are in cash and I use my checking account mostly for online bill paying and purchases.

[azmouse]

12. Where is George Bailey when he is needed so badly???

[Donnachaidh]

13. Didn't you hear?

He was beaten to death by an angry mob when he wouldn't let his customers pull out their life savings to buy an iPhone. :evilgrin:

[Greyhound]

14. Even when I had money, I never let a regular bank balance go over

$20K - $30K, usually closer to $10K.

Now I have nothing to worry about at all

[Hekate]

15. My banker specifically denied I was at risk when Mom died and left enough to put me over the limit..

...when added to my own lifetime savings. I asked about it when I added my inheritance to the same account a year ago.

Republicans? I think not.

But as of today we have a call in to our banker to get this clarified NOW. Do I need to split my money into two separate accounts at the same bank? Do I need to move some of it to another bank altogether? Do I need to stuff it into my mattress? What the hell is going on?

Locally there's an old man who had $200,000 in IndyMac. He's not one of Bush's high rollers. If he was, he'd have his money in oil stocks, not the bank. Banks are for us poor suckers who think our hard-earned savings (and our dead parents' hard-earned savings) are SAFE there.

Hekate

[orleans]

37. for what it's worth, from what i understand, my advice to you

is to move some to another bank

i think a big reason people stockpile it in one bank is because the more you have the better the interest rate.

fuck the interest rate.

spread it out ... just in case.

don't go over $100,000 in one place.

[NewJeffCT]

43. I would put the money in separate banks

no more than $100,000 per bank.

There are exceptions where you can have more than one account in one bank that goes above $100,000, but it is probably not worth taking the chance.

[Roon]

16. My step-father is about to sell his city block for a couple of million

How do you divide that up? Do you have to open up all those bank accounts? I have always wondered about that.

[MercutioATC]

18. If you want to put it all into bank accounts...yes. 20 banks.

There are a lot of other things to do with $2M, though...

[Roon]

19. Wow!

What a pain in the ass!I have no idea what my step-father is going to do with the money. Probably invest it. If it was me, I would just keep the cash and live off the intrest.

[MercutioATC]

20. Even if it's just in a bank, you are "investing" it...that's why you get interest.

Personally, I'd be holding short-term CDs right now (no more than 6-month). When the Fed starts to raise rates (which they will have to do sooner or later) I'd look at a bond fund.

The fundamentals are still way too whacked for me to like stocks for at least 9-12 months.

[dysfunctional press]

24. the accounts don't have to be at different banks.

we sold our house last year, and since we had already paid off the mortgage- we got a huge check, that we had to divide into 4 seperate accounts. but we did it all at the same bank. fdic is coverage per account, not per depositor.

[MercutioATC]

27. No. It. Is. Not. (link provided)

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

[dysfunctional press]

32. the banker lied to my face- because i specifically asked her about it.

and it wasn't just a teller- it was one of their "personal bankers". it really pisses me off- and if there had been a failure when i had the funds there- i would have been...disappointed. to say the least. thanks for the clarification.

[MercutioATC]

33. No problem. You wouldn't have been the first to be mislead.

Like I said, I just wanted to provide the link so people could get the real facts directly from FDIC. I'd hate to see somebody lose a couple of hundred grand because they got bad information.

[dems_rightnow]

44. Might not have lied

It's amazing how many bankers don't understand how it works. She may not have lied at all- she was likely just stupid.

[Freddie Stubbs]

21. Even though it is insured, it may take time to get your money back if a bank fails

[MercutioATC]

22. Not up to $100k. The insurance kicks in immediately.

You just go to the bank and withdraw your funds. It's that simple.

[zbdent]

28. I heard on the Youngstown Clear Channel station (which carries Rush)

a guy whining about how he has $150,000 in a CD with his wife and kid's name on it too, and how he thought he was getting $300,000 coverage, instead of $100,000 ...

WTF???

I thought people were hanging by a thread, and this guy has $150,000 to tie up and not look for sale foods past their expiration dates?

[WillowTree]

34. What's his issue?

If it really is a joint account, his $150,000 is safe.

Amazing how people don't bother to get the facts before they get their undies all in a bunch.

[SoCalDem]

29. All MY banks have a BIG OLE sign that says FDIC

and on that same poster it spells it all out..in plain language..

[mdmc]

30. I've known that 100,000 was secure since the 4th grade

How could folks with 100000k not know this?

[LeftyMom]

35. Seriously.

I know that rule, have forever, and as my wealthy aunt doesn't like me I'm in no danger of ever having to worry about it. But there's a little placard by the teller window in pretty much every bank I've ever seen, and I can freakin' read.

[Art_from_Ark]

36. I remember when the limit was $40,000

and there was an FSLIC. That was around the time my mother opened up an account for me and made me put my bent, holed silver dime in as my first deposit.

[WorseBeforeBetter]

40. Thank you, same here.

It's stunning how dumbed-down this country is.

Risk... what's risk?
Housing prices always go up!
Drill in ANWR and we'll have cheap gas tomorrow!
Saddam had WMDs! So does Iran!
I like Bush better than Kerry cuz' he can connect to the common man!

:banghead:

[defendandprotect]

47. PLUS . .. FEMA laws on banking can take over . . . and then you

have your bank account dripped out to you 30 cents at a time . . . !!!