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Old 08-09-2007, 06:26 PM   #1
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Countrywide

Should I be worried that I have a large CD with them? The news on them is scaring me.

Worried in FL
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Old 08-09-2007, 06:53 PM   #2
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Should I be worried that I have a large CD with them? The news on them is scaring me.
Is your CD insured by FDIC? Or is it really large?

Countrywide just bought out another large subprime lender in our area.
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Old 08-09-2007, 07:20 PM   #3
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If the CD was issued by Countrywide Bank, it is FDIC insured to the regulatory maximum. (If you have over 100,000 in cds at Countrywide, you may not be fully insured).
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Old 08-09-2007, 08:54 PM   #4
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Thanks Rich and Martha! It is under 100,000. so I guess I shouldn't worry.
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Old 08-09-2007, 08:59 PM   #5
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By the way, you can open separate accounts - each insured to $100K - if you do it as yourself, spouse, then yourself and spouse jointly. This covers you to $300k total in the same institution. Beyond that, just go to another bank and do the same.
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Old 08-09-2007, 08:59 PM   #6
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Thanks Rich and Martha! It is under 100,000. so I guess I shouldn't worry.
Well not to worry you, but do not forget that the fine print on the FDIC coverage, gives them 99 years to pay you back.
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Old 08-09-2007, 09:17 PM   #7
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OH NO! Now I am really worried!

Worried in Florida!

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Well not to worry you, but do not forget that the fine print on the FDIC coverage, gives them 99 years to pay you back.
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Old 08-09-2007, 09:52 PM   #9
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Yes, if it were me, I would be worried.
Same goes for accounts at WaMu which
is as exposed as CFC.
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Old 08-09-2007, 10:00 PM   #10
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As I understand it, the FDIC insures principal and interest up to 100K, so you would actually need to invest less than 100K to recover the interest as well.
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Old 08-10-2007, 09:08 AM   #11
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As I understand it, the FDIC insures principal and interest up to 100K, so you would actually need to invest less than 100K to recover the interest as well.
That is true...........
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Old 08-13-2007, 05:15 PM   #12
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I appreciate everyone's advice. Thank you. I am going to wait and see what happens. I feel better about it now.
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