Comments on: What Happens When the Increased FDIC Insurance Limits Expire?

By: Ross

Ross — Thu, 22 Sep 2011 01:48:12 +0000

If the account MM, CD or other owned by the trust it is my understanding that it is protected by $250,000 x the number of trustees.. For example: The trust owns the accounts and has 5 trustees.. therefore 1.25 mil is insured is that correct? Ross

By: ChrisCD

ChrisCD — Thu, 17 Jun 2010 20:31:29 +0000

BTW, a house panel voted to make the $250K increase permanent along with making it retroactive to 1/1/2008. This would help bail out those that lost money from the ANB and IndyMac FDIC closures.

By: jim bob

jim bob — Sat, 06 Mar 2010 23:04:15 +0000

Who the hell puts that much money in a savings account. You don’t even outpace inflation with the crap interest rates that even the best savings accounts offer. Much better off investing. Especially since the dollar keeps tanking. And you could invest in anything and be better than a damn savings account.

By: John

John — Thu, 07 Jan 2010 19:29:52 +0000

I want to err on the conservative side and assume that the $250K limit will expire in 2013. I have a credit union relationship that I want to expand. My personal account is comprised of 1) a “share account” with a few hundred dollars and a 2) CD for $100k.

To ensure I receive full FDIC coverage, I called the credit union and inquired about openning two new CDs…one jointly between myself and son #1 and a second between myself and son #2. When I inquired if the sons would need individual accounts (i.e., “share” accounts), I was told, “No.” The new joint CDs can evidently be openned without the boys having a share account. BUT I WONDER, would FDIC coverage apply to just me as the “share account holder/member” or would “we” be covered to a full $300k, assuming that each CD contains $100k? Hoping the question is clear and appreciate any guidance. Thanks.

By: Nickel

Nickel — Mon, 04 Jan 2010 17:05:48 +0000

mildred: The coverage limits are the same as for 2009. See here:

http://www.fivecentnickel.com/.....ough-2013/

The higher rates are good through 2013.

By: mildred rein

mildred rein — Mon, 04 Jan 2010 16:46:34 +0000

As of january 1, 2010, WHAT IS THE FDIC bank insurance limit??? I have seen contradictory ststements.

By: Mark

Mark — Thu, 04 Jun 2009 15:05:55 +0000

Edward – a non-profit (and any consumer) can open a bank account in any bank in Massachusetts that is a member of the Depositers Insurance Fund (DIF) that accepts non-resident accounts. These accounts are insured in unlimited amounts above and beyond the FDIC-insured ceiling.

By: Edward Sedawie

Edward Sedawie — Fri, 08 May 2009 18:09:26 +0000

How can a not for profit organization get around the $250,000.00 limits on the FDIC coverage?

By: Nick

Nick — Wed, 10 Dec 2008 22:19:19 +0000

I think the idea behind the expiration, is that consumer confidence will return, and the banks will be in better shape, so that the FDIC won’t really be a concern on most peoples minds, as it wasn’t really before the current recession.

By: Tim

Tim — Tue, 09 Dec 2008 20:51:07 +0000

watch out for subsidiaries

By: Craig

Craig — Tue, 09 Dec 2008 19:48:10 +0000

Nickel: Got it, thanks, wasn’t sure how exactly that worked. Wished I was in a position where that would be an issue, ha.

By: nickel

nickel — Tue, 09 Dec 2008 19:46:09 +0000

Craig: You’d have to have separate accounts at different institutions for this to work. The limits are per account holder per institution, so just opening multiple accounts at one bank doesn’t help unless they have different ownership types.

By: Craig

Craig — Tue, 09 Dec 2008 19:44:14 +0000

Very interesting, didn’t think about it because I have no reason to, not in that type of league. For a single person, wouldn’t it just be easier to have separate accounts for 100K to make sure there won’t be a problem?

By: Blue Owl Finance

Blue Owl Finance — Tue, 09 Dec 2008 18:30:15 +0000

The options of additional ownership categories and adding beneficiaries to the account are ways to extend the FDIC coverage. However, if any little of the paperwork is mistitled or mishandled, then the additional coverage could be voided.

The easiest way to secure up to $50 million is coverage to deposit your money into a bank that participates in the CDARS program.

By: Trevor

Trevor — Tue, 09 Dec 2008 14:59:44 +0000

Yea. Dylan is right.

Great informational post though. Sure taught me some new things.

By: Dylan

Dylan — Tue, 09 Dec 2008 12:40:46 +0000

A couple can further increase their FDIC coverage by each opening single name accounts that are “payable on death” to the other. That’ll give them $1.5 million ($600,000 under old limits).