User14560_1_t Amy Boehm
Search MLS Listings by city:
Members: 120,713 - 2,844 Online Now  Login
 

Its a little scary out there right now.  So I thought I would check and see what the FDIC covers and what it does not.

The FDIC protects checking and savings accounts, CD's, and money-market savings accounts, but not stocks, bonds or mutual shares even if you purchased them from a FDIC bank. 

Your bank accounts are covered up to $100,000.  IRA that are held in CD's and money market accounts are covered up to $250,000.

The best way to protect your money by dividing it up between banks.  Putting it in different branches of the same bank will not guarantee protection of funds over the maximum guarantees.  If it is really important to you to keep your money in the same bank, then do it by categories, i.e. Your name, your spouse's name, a joint accounty, trust accounts under someone other then you as beneficiary.

If you bank happens to fail, you should have access to your funds within 24 hours in most cases. 

If you should have over the covered amount by the FDIC, generally you will recover 70 cents on the dollar.  But let's don't go there.  Make your money safe.  Talk to your banker and find out what is the best strategy for you.

 

 
This post has been included in Texas Information
Post is included in group: Hill Country Inspector
Post is included in group: Lone Star Real Estate Professionals
Post is included in group: Texas Real Estate

3 Comments on Are You Covered by the FDIC?

Amy,  Good information for those that do not know about the FDIC limits etc. 
It makes me wonder about people that have zillions to protect and where do they put their funds and how they protect them.

10/01/2008 01:50 PM by Don Eichler (Eichler Properties)


If the banks fail...I will be on the street corner selling dryer sheets.  I will save you a spot.

10/01/2008 02:23 PM by Kevin McGourty - Moving Help - nationwide (MovingHelp.com)


I think dryer sheets are covered by the FDIC of laundry world!!!!  LOL

10/01/2008 02:58 PM by Amy


Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Amy Boehm (Keller Williams Realty)
Amy Boehm
Boerne, TX
More about me…
Keller Williams Realty

Office Phone: (830) 428-8106
Cell Phone: (210) 260-5539
Email Me



Links

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find TX real estate agents and Boerne real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved