If I open a joint CD account of $ 90,000 in FDIC insured bank, my money would be safe ?
2007-01-16 05:49:55 · 2 answers · asked by sanjay_makhijani1976_29 1 in Business & Finance ➔ Personal Finance
The CD is federally insured to $100,000, so the money itself is safe.
However, you did mention that it was a joint CD. As a result, it probably isn't safe from the other person that owns it. If they want to take the money out (and suffer early withdrawl penalty), and run to Rio, they can.
2007-01-16 07:22:49 · answer #1 · answered by great_and_mighty_adam_levine 4 · 1⤊ 0⤋
It depends.
How well do you trust the other person?
What happens if they die?
What happens if you need your money - if you have an emergency? - How can you both plan for this?
What agreement do you both have? - ARe you going to put it into writing?
Do you have a plan to distribute the interest - who's social security number is used to report the interest?
What if the other person gets to the bank on the date the CD - is due for renewal - are you sure the bank needs both signatures?
GOD bless us, always.
2007-01-16 05:56:10 · answer #2 · answered by May I help You? 6 · 2⤊ 0⤋