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-   -   Banking accounts (https://www.askmehelpdesk.com/showthread.php?t=165126)

  • Dec 22, 2007, 07:24 PM
    baker44
    Banking accounts
    Since the FDIC only insures bank accounts up to $100,000, how do you insure over $100,000 in a banking institution?
  • Dec 22, 2007, 07:30 PM
    Choux
    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...
  • Dec 22, 2007, 10:18 PM
    Fr_Chuck
    And of course various banks
  • Jan 10, 2008, 12:03 PM
    vacwm
    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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