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NC40 | Is it safe to have deposits that exceed FDIC coverage? |
I am single and have a significant amount of cash in an account that only has $100,000 FDIC coverage. Should I open accounts in other banks to spread the FDIC insurance? |
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Smilin'Bob_ The Enzyte Guy
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Yes. you should....
They are insured up to $100K/bank/account...so it it wise to spread the money over different banks to eliminate risk.... |
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Discovery
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if it makes you feel safer, why not, open different accounts is not that hard, not worth the worry. I would invest that money. i was stupid put that money in the bank for a few years, what a fool, even with the stock market crush, i would still have more money today if i invested early. no offense, just my experience. |
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mister ed
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banks have not failed in years -- but neither has ohio flooded -- so i would switch it over to a different bank!!! |
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mike e
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Usually yes. The only time you use FDIC insurance is if your bank fails. This rarely ever happens so it isn't a big deal in the first place. But if your bank does fail, then you have an issue. Pick a secure bank. Not a small town instituion, but a large one that has been around for many years. This way you can be nearly sure that your bank will not fail. They will sell their assets to another instituion before they just fail.
If this is still not enough security for you, you can put some money in other banks or open up different types of accounts in order to increase your FDIC coverage. |
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dlatona7
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FDIC insurance is one of the most misunderstood concepts in banking. Yes, absolutely, your bank has the potential to fail. The likelihood of that happening is very small. There are ways to insure your money for more than $100K at one bank, and it has to do with the titling of the account.
There's also a program called CDARS in which banks participate that will allow you to have up to $30 million in FDIC coverage--its used primarily by institutions, but many individual customers also use it for convenience.
So, my answer is that you're probably safe, although if it really bothers you, talk to your banker about ways to increase your coverage.
By the way, CFA is Chartered Financial Analyst, not Certified Financial Advisor. |
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Zujiya
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A definite yes to opening another account in another bank.. It is UNSAFE to exceed the FDIC limit and have no coverage for the excess. There are plenty of banks and savings & loan associations who will be happy to have your deposit. |
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Deliah
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Yes, you definately should. It is even a good idea if you have 300K to open 4 accounts so the interest will not have you out seeking another bank in a few months. |
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Crazy cat lady >^ ^<
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You should invest that money |
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mbafromuiu
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How does some one have that much money and not know the answer? It it was inheritance ..well...If it was by luck (winnings) then you really need a CFA (Certified Financial Adviser) There is no reason in the world you should have more then 10K in any bank account as there are several ready liquid assets that you can put that money into that will make far more then any local savings account. |
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Secret Asian Man
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spread it to different banks |
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Suzy
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You should spread it around. |
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BOY
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b |
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