Is The FDIC Insurance In Banks Of $100,000 For Each Account Or Is It......

[global1]

the total accounts one has? If I have three accounts at one bank and the sum of the three would be over $100,000 - would I only be insured on the $100,000? If each of the three accounts in the above example were less than $100,000 in total - would I be insured for each to the tune of $100,000?

Just want to be prepared.

I just watched MSNBC - I think Hardball. Jim Cramer was on and was acting hysterical (and I don't mean a funny hysterical). He was spooking me with what he was saying and if I didn't know better - it almost looked like he was trying to start a run on the banks. Did anybody see that?

[Tangerine LaBamba]

1. Each account

is covered up to $100,000.

[ellenfl]

3. i do not believe that is true.

you would have to have different titles and/or social security numbers for each account. if you have $100,000 in your name and $100,000 in your trust's name, both would probably be covered. if they were both in your name, the first $100,000 is covered.

at least that was how it worked when i worked in banking. i have been out of banking for about 12 years now but i cannot imagine that the coverage would be improved for the little guy.

ellen fl

[Tangerine LaBamba]

8. Believe what you want

But you might want to go do the research.

[Egalitariat]

12. You are incorrect. He doesn't need to do the research.

[ellenfl]

13. he who? that's ok. let tangerine put all of his/her money

in the same name in various accounts in the same bank. i suggest that the op does not do so.

ellen fl

[Gormy Cuss]

2. Each depositor, with a few exceptions.

IRAS/SEP/Keough accounts are one exception (they're usually insured up to 250K.) Certain types of trust are another. Your CDs, checking & savings accounts, money markets are summed together and insured under basic coverage up to 100K. If you have joint accounts, your share of each account is insured up to the 100k limit.

There are ways to get higher amounts insured, usually through trusts, but see here for more info.
http://www.fdic.gov/deposit/deposits/insured/index.html

[briv1016]

4. I would think at that point you would use multiple banks.

[pitohui]

5. jim cramer is a fuckwit, ignore him

he always acts hysterical

that said, it is my practice to never have more than $100K in a given bank/account because my interpretation of fdic rules is that they do not have to repay me over that amount TOTAL

if you have a "jumbo" CD for $100K, well have your savings account in a different bank and so forth

[CountAllVotes]

7. exactly pitohui

my uncle did not have any jumbo CDs but if you have one, it should likely be in a single bank and no other accounts. Make sure it isn't over $100,000.00 as anything over the $100,000.00 wouldn't be insured.

Jumbo CDs can and often do pay more than regular CDs but what a huge price to pay for limited insurance on the funds IMO.

You are right about Cramer who = Mr. "buy buy buy buy buy" IMO and only when the shoe might happen to barely fit. :puke:

:dem:

[CountAllVotes]

6. my uncle had his money set up like that

he had different amounts of money in several banks. Total amount was over $100,000.00 and he had no heirs but not over $100,000.00 in any single account nor bank.

He was doubtlessly covered as he'd have had it no other way. He lived through The Great Depression and he learned some things the hard way (like stay the hell away from something called the stock market).

If this OP is really worried I'd suggest contacting the banks the OP is dealing with or, if desperate, an attorney (I'd try to avoid this if I could).

[gateley]

10. And...don't put all your eggs in one basket. nt

[gateley]

9. I remember when the insurance covered up to $10,000. nt

[CountAllVotes]

14. when was that?

I don't remember it myself. When did it change? I've noted many IRAs are now insured for $250,000.00 (don't I wish!).

[gateley]

15. When I was a teenager - maybe into my 20's (I'm 55 now).

My brother and I each had an account in our names for $10K - and the interest was automatically transferred to a different account so the balance wouldn't exceed the insured amount.

That's the only reason I know. I've never had to worry about reaching that limit myself - regardless of what the limit is. :7

[enough]

11. Please read up on this, and talk to your bank.

It depends on whose name is on each account. You can certainly have more than 100,000 insurance in any given bank, but it has to do with how the ownership of the accounts is set up.

It's very specific and it is spelled out clearly. It's not a mystery.