I know that FDIC insures up to $100,000 in an institution; is there some rules I should know about accounts over the $100,000 mark? Are there any loop-holes?
2007-10-25 15:15:15 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Get another account at another bank,
2007-10-25 15:18:13 · answer #1 · answered by Barry auh2o 7 · 0⤊ 0⤋
FDIC insures up to $100,000 for EACH ACCOUNT not an institution. There is no rules for you to deposit more than $100,000 in ONE account, but it is better to do so. I am not sure what this loop-holes thing that you are talking about? You meant deposit more than $100,000 in an account? Like I mentioned, it is very clear that the insured amount is $100,000 per account, and you can have as many accounts in the same bank if you want.
2007-10-25 19:57:39 · answer #2 · answered by Anonymous · 0⤊ 2⤋
If you have joints or beneficiaries on your account, sometimes they will give you an extra 100,000 of insurance per person on the account. Also, IRAs are insured up to 250,000 (At least by the NCUA), however, unless you already have one the most you can contribute is 4,000 a year for an individual or 8,000 a year for a married couple.
If you have 100,000 in the bank. I would suggest spreading it around CDs, money market accounts or even an online account like Vanguard that will pay you around 5% interest.
2007-10-25 15:47:56 · answer #3 · answered by moonman 6 · 0⤊ 0⤋
Basically, any account is insured up to $100,000 per depositor in any single bank.
There are legal loop-holes that allow you to have multiple accounts insured at the same bank. Each account would have to be in a different ownership category. In other words, you can have a single person account, a joint account with someone else, a retirement account, and a trust account all at the same bank and each one is insured for $100,000.
Click on the source link I posted below for more information.
2007-10-25 15:26:13 · answer #4 · answered by Horatio 7 · 1⤊ 0⤋
No however, only the first $100,000 will be covered in any one account. Send the excess to me and you will not have to worry about it. Seriously, you need to spread your money around to maintain the FDIC guarantee on all your funds.
2007-10-25 15:36:54 · answer #5 · answered by backyard mech 2 · 0⤊ 0⤋
You will have to go in to the bank with him with a valid picture ID, and sign the check over him and he can make the deposit. But remember, once you put in his account, that is his money and ONLY he can withdrawal money from his account (it does not matter that your name is on there, and you were there to deposit the check with him).
2016-04-10 06:04:42 · answer #6 · answered by ? 4 · 0⤊ 0⤋
get another account to be safe, or if you have a lot more, get an offshore bank or swiss bank account.
2007-10-25 15:24:28 · answer #7 · answered by ????? 2 · 0⤊ 0⤋
yes
2007-10-25 15:25:15 · answer #8 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
yes
2007-10-25 15:20:14 · answer #9 · answered by richard t 7 · 0⤊ 0⤋