OPM
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Only banks chartered before 1932 are not required to be FDIC insured. There are less than a dozen of them. FDIC insuranc guarantees that you will get back up to $100,000 worth of principal in the event of bank failure and that is guaranteed by the full faith and credit of the United States. On the other hand, I cannot imagine the circumstance where Chase would fail in the next five years, so it probably does not matter.
As a note, Chase is FDIC insured for deposits and I am sure CapitalOne is too. |
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webjnke1
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Thanks for pointing that out ... I'm at Chase and didn't realize that. I was just at the site and it did say Not FDIC Insured |
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dragen_gto
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Banks that are not FDIC insured should be otherwise insured. Ask about what their plans are if they get screwed up.
If you are thinking about saving more than 100,000 anyways, then FDIC is not an option.
I personally would stick with FDIC, cover your butt. |
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johnmarc007
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Usually non-FDIC insured banks are investment accounts, while FDIC insured usally means checking and savings accounts.
So depends on what you want to invest |
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TheSmartass
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Yes but realize that they aren't making any promises and if for some reason, they go out of business, you and all of your money are screwed. |
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zacharybeaver
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It is probably OK. FDIC insurance means that if the bank goes out of buisness the government will give you your money back. But it has been since the 80s since any banks went under like that. |
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recalltotal001
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You're better to invest in oil stocks |
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Wondering
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I wouldn't -- they make it clear you assume the risk ... so Y risk your money? |
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QuestionWyrm
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Use ING direct, all the benefits of an online bank and they are FDIC insured.
Also, aren't those two organizations more about credit cards? |
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vijay_rao_nyc
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FDIC was born out of the stock market crash of '29. these days such an event is very unlikely.
if anything you should only keep a few thousand in your checking acct. for the usual expenses of life. the rest you should invest wisely, base on your tolerance for risk and other factors. |
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lunatik96
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FDIC insured banks are currently healthy, because they pay their insurance premiums. As soon as one gets in trouble, they start skipping payments.
I don't know how much cash you have, but the FDIC insures each account to $100,000. If you have more select different accounts in different banks. Spread the wealth so to say.
Chase and Capitol One are investments, they use your money to loan to other people at higher rates.
For every $4 you invest, they loan $100. - What a rip!
The way the dollar is devalueing, you might as well buy peso's for short term investments. |
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crazz_32
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Unless you want to risk the banks closing and you not getting your money, then go ahead. Those are pretty big banks that will likely be around for a long long time, but if it were my money, I wouldn't do it. |
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slavo_danko
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the best is to spend them |
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mbushey736
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Hi KC,
All banks in the united states and their territories are required to be FDIC insured of up to $100,000 per account. The above was derived due to the crash of 1929.
Glad I wasn't there to see it. Best of luck!
Mike |
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