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    baker44's Avatar
    baker44 Posts: 38, Reputation: 2
    Junior Member
    		  
    #1

    Dec 22, 2007, 07:24 PM
    Banking accounts
    Since the FDIC only insures bank accounts up to $100,000, how do you insure over $100,000 in a banking institution?
    Choux's Avatar
    Choux Posts: 3,047, Reputation: 376
    Ultra Member
    		  
    #2

    Dec 22, 2007, 07:30 PM
    That is not a correct statement of fact concerning account insurance. Every type of account ownership is only insured up to 100,000.00. For example, if you have two accounts in individual ownership and each contains $100,000.00, one account is not insured.

    However, if you have one account in single ownership in the amount of $100,000, and you have one account in joint ownership with your spouse, each account is properly insured.

    Types of ownership:

    Custodial Account
    Individual Account
    Joint Account
    Trust Account
    Corporate Account
    Partnership Account
    Public Unit Account

    And, so on...
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Dec 22, 2007, 10:18 PM
    And of course various banks
    vacwm's Avatar
    vacwm Posts: 12, Reputation: 2
    New Member
    		  
    #4

    Jan 10, 2008, 12:03 PM
    That is correct guys... so splitting your accounts with diff. institutions and then having joit ownership helps. Or you might want to consider GIC as well... (in case you do not want to take any risk)
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