Comments on: FDIC Scare You? http://www.joetaxpayer.com/fdic-scare-you/ Financial Commentary For The Average Joe Mon, 06 Feb 2012 21:56:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Surprise! Your Bank Closed! – My Experience With The FDIC | Personal Finance Firewall http://www.joetaxpayer.com/fdic-scare-you/comment-page-1/#comment-22215 Surprise! Your Bank Closed! – My Experience With The FDIC | Personal Finance Firewall Mon, 23 Aug 2010 16:53:22 +0000 http://www.blog.joetaxpayer.com/?p=191#comment-22215 [...] didn’t buy that. To be honest, I was pretty nervous about this. Due to a steady decrease in interest rate, I had been planning to abandon ship anyway [...] [...] didn’t buy that. To be honest, I was pretty nervous about this. Due to a steady decrease in interest rate, I had been planning to abandon ship anyway [...]

]]> By: JOE http://www.joetaxpayer.com/fdic-scare-you/comment-page-1/#comment-688 JOE Thu, 31 Jul 2008 12:51:05 +0000 http://www.blog.joetaxpayer.com/?p=191#comment-688 Again, thanks for writing. I was trying to keep the post itself on the brief side, and provided a link to the FDIC for more details. (This is what I get for not prepping my August main article before month's end. A couple sub-par blog posts.) Joe Again, thanks for writing. I was trying to keep the post itself on the brief side, and provided a link to the FDIC for more details. (This is what I get for not prepping my August main article before month’s end. A couple sub-par blog posts.)
Joe

]]> By: JAL http://www.joetaxpayer.com/fdic-scare-you/comment-page-1/#comment-686 JAL Thu, 31 Jul 2008 03:53:16 +0000 http://www.blog.joetaxpayer.com/?p=191#comment-686 Hi Joe, As you probably already know, saying that accounts are insured by the FDIC up to $100K is only partially true. Unfortunately it's a bit more complicated than that. Certain account types are grouped together at an insured bank (checking, savings, CD's in one group, then IRA's in another) and each single account owner is then insured up to $100,000 for the checking/savings/CD types accounts, and up to $250,000 for the IRA type accounts. Jointly held accounts are split proportionally amongst the account owners to determine coverage limits. For example, a single $200,000 savings account owned by a husband and wife would be fully insured (assuming no other accounts are held at the same bank) because each owner is insured up to $100,000 in that account type. It's also interesting to note that an estate IRA (an IRA held in the name of a deceased person payable to a beneficiary) is insured under the decedent's name and thus isn't grouped in with the beneficiary's bank accounts to determine coverage. A visit to the FDIC's insurance handy electronic coverage calculator will help you figure out exactly where you stand: http://www.fdic.gov/edie/ Best regards, John L. Hi Joe,

As you probably already know, saying that accounts are insured by the FDIC up to $100K is only partially true. Unfortunately it’s a bit more complicated than that.

Certain account types are grouped together at an insured bank (checking, savings, CD’s in one group, then IRA’s in another) and each single account owner is then insured up to $100,000 for the checking/savings/CD types accounts, and up to $250,000 for the IRA type accounts.

Jointly held accounts are split proportionally amongst the account owners to determine coverage limits. For example, a single $200,000 savings account owned by a husband and wife would be fully insured (assuming no other accounts are held at the same bank) because each owner is insured up to $100,000 in that account type.

It’s also interesting to note that an estate IRA (an IRA held in the name of a deceased person payable to a beneficiary) is insured under the decedent’s name and thus isn’t grouped in with the beneficiary’s bank accounts to determine coverage.

A visit to the FDIC’s insurance handy electronic coverage calculator will help you figure out exactly where you stand:

http://www.fdic.gov/edie/

Best regards,

John L.

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