IndyMac 50 cents on dollar?

[uscitizen]

What I read yesterday clarified that to mean $100,000 per individual within one institution/bank, in whatever form. This included savings, checking, CDs, all lumped together. The advice was clear: diversify among banks.

yep the way I have done all along. Inspite of pleading from some banks.

 

[evince]

Im so glad my FIL knew this little fact years ago.

 

[Cancel 2016.2]

What I read yesterday clarified that to mean $100,000 per individual within one institution/bank, in whatever form. This included savings, checking, CDs, all lumped together. The advice was clear: diversify among banks.

technically, it is per account registration.

Jane Doe could have all of the following at her bank and be fully covered....

Jane Doe savings of $95k
Jane Doe Trust CD for $95k
Jane & John Doe joint checking with $100k

 

[Damocles]

There are far better places to put money than banks, and better ways to insure than relying on the benevolence of government.

 

[Cancel 2016.2]

There are far better places to put money than banks, and better ways to insure than relying on the benevolence of government.

very true... especially given rising inflation & deflating dollar valuation. CDs, savings accounts, t-bills etc.... are losing money right now in terms of buying power.

 

[uscitizen]

very true... especially given rising inflation & deflating dollar valuation. CDs, savings accounts, t-bills etc.... are losing money right now in terms of buying power.

Yeah but not losing as much as some of my friends 401K's.

 

[Cancel 2016.2]

Yeah but not losing as much as some of my friends 401K's.

True. On a relative basis, it has not done as poorly as the equity markets on average over the past year.

 

[evince]

technically, it is per account registration.

Jane Doe could have all of the following at her bank and be fully covered....

Jane Doe savings of $95k
Jane Doe Trust CD for $95k
Jane & John Doe joint checking with $100k

http://newsblogs.chicagotribune.com/marksjarvis_on_money/2008/07/is-my-money-saf.html

It turns out a joint account can have 200,000 and be covered.

 

[uscitizen]

But since joints are illegal...I will just keep my assets as they are I suppose.

 

[Cancel3]

Its per depositor per insured bank. But different tyoes of accounts are insured differently.

For example, and IRA is insured to $250k. Joint accounts are insured up to $100k per depositor. In other words, if my wife and I have $220k in a bank, and we both have access to the funds, we are insured on the first $100k each. So we would only have $20k uninsured.