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Another 5% CD in a Florida Credit Union (3 Year)
07-19-2005, 06:08 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Another 5% CD in a Florida Credit Union (3 Year)
Community First Credit Union of Florida has a 5% CD that expired Tomorrow. THey are pretty friendly and with beneficiaries are insured to (in my Case) $600k.
Not too bad.
SWR
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Re: Another 5% CD in a Florida Credit Union (3 Year)
07-19-2005, 02:14 PM
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#2
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Recycles dryer sheets
Join Date: Oct 2004
Posts: 408
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Re: Another 5% CD in a Florida Credit Union (3 Year)
SWR,
Regarding the insurance w/ benes: how are the accounts titled? Thanks.
LL
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Re: Another 5% CD in a Florida Credit Union (3 Year)
07-20-2005, 05:17 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Re: Another 5% CD in a Florida Credit Union (3 Year)
Quote:
Originally Posted by LL
SWR,
Regarding the insurance w/ benes: how are the accounts titled? Thanks.
LL
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Joint in my wife's and my name + direct family as beneficiaries. This is not a problem as our will reads the same.
SWR
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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Re: Another 5% CD in a Florida Credit Union (3 Year)
07-20-2005, 06:57 AM
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#4
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Recycles dryer sheets
Join Date: Oct 2004
Posts: 408
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Re: Another 5% CD in a Florida Credit Union (3 Year)
SWR,
I am still confused. I know the key is the beneficiaries, but how exactly did you get passed the FDIC limit? I understand that both you and your spouse can get up to 200K FDIC insurance, but how did adding the beneficiaries increase the amount? Thanks.
LL
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Re: Another 5% CD in a Florida Credit Union (3 Year)
07-20-2005, 01:04 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 2,341
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Re: Another 5% CD in a Florida Credit Union (3 Year)
LL,
CUs are insured by NCUA (the equivalence of FDIC). For example, if you have a number of CDs that = $400k and add 3 POD (pay on death) beneficiaries, this will insure your assets upto $100k x 4 ($400k). If the CU institution goes bankrupt then the primary owner (you) will get back the $400k. If primary owner (you) dies before the CDs matures then the beneficiaries will receive assets. I don't know how this conflicts with existing wills, living trusts etc..
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I look to the present moment because that's where I live my life.
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Re: Another 5% CD in a Florida Credit Union (3 Year)
07-20-2005, 02:46 PM
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#6
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Recycles dryer sheets
Join Date: Oct 2004
Posts: 408
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Re: Another 5% CD in a Florida Credit Union (3 Year)
MJ,
Thank you for explaining that to me. I appreciate it.
LL
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Re: Another 5% CD in a Florida Credit Union (3 Year)
07-20-2005, 04:27 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 2,341
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Re: Another 5% CD in a Florida Credit Union (3 Year)
LL,
I neglected to mention that I do it this way because I am single. If you are married, I believe a couple can get upto either 300k or 400k by dividing your assets as follows
husband 100K
wife 100k
joint account 100k
I'm not sure about this but if a joint account has a primary owner, you might be able to get 2 joint accounts.
__________________
I look to the present moment because that's where I live my life.
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Re: Another 5% CD in a Florida Credit Union (3 Year)
07-20-2005, 06:00 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Re: Another 5% CD in a Florida Credit Union (3 Year)
Quote:
Originally Posted by LL
SWR,
I am still confused. I know the key is the beneficiaries, but how exactly did you get passed the FDIC limit? I understand that both you and your spouse can get up to 200K FDIC insurance, but how did adding the beneficiaries increase the amount? Thanks.
LL
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NCUA NOT FDIC.....
SWR
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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