FDIC Insurance Q&A: Businesses, Joint Accounts, CDARS, WaMu, and More
Another way to increase FDIC insurance are services like that of CDARS.com. Essentially, they spread your large deposits into $100k chunks across a network of banks, but without any effort on your part. From their website:
If your account is under the $100000 FDIC insurance limit, even headlines like the failure of IndyMac Bank, one of the largest bank failures in history, shouldn’t make you lose any sleep. But if your deposits are above the
Most back accounts are protected to $100000http://www.fdic.gov/deposit/deposits/insuringdeposits/ read more | digg story.
The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. The term “insured bank” is used in this
Ask your employer today if there’sa backup plan to ensure that payroll funds are covered by FDIC insurance - because if your bank goes belly up, without insured cash accounts, your paycheck goes with it. ShareThis.
You could get FDIC insurance coverage for the full amount by using the Certificate of Deposit Account Registry Service, or CDARS. Suppose you have more than $100000 you’d like to put in a CD — or millions. With the recent failure of
IndyMac Bank failed (click here for official info) and now we have a high profile test of FDIC insurance. In the past, I've hinted at the likelihood of bank failures and my concerns about the sufficiency of funds at the FDIC.
The WSJ had an an interesting article about how much money is on deposit at banks in excess of the FDIC insurance of $100000 per depositor per bank. Click here to read Bank fears spread after seizure of IndyMac.
BUT, are your funds all covered by FDIC insurance just because you walked into a secure-looking building with iron bars and guards? Not necessarily - it depends on which of the bank’s products you decide to use and whether the bank is
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