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fdic insured accounts
Old 07-28-2011, 09:59 AM   #1
Confused about dryer sheets
 
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fdic insured accounts

My husband and I have a bunch of cash. How can we park our cash to minimize the number of banks we'd have to use but make sure all the money is in FDIC insured accounts? Also, does anyone know where you can get the maximum interest?

I remember Smarty Pig but the last time I checked them, the interest wasn't that great. I think there's a way to do it - one account just in my name, one account just in his name, a joint account and maybe another thing so we could have $1 million in one bank.

I'm sure many of you think we're crazy to be in cash but that's where we are and it's not a good time to plunge into anything right now.
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Old 07-28-2011, 10:15 AM   #2
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Your correct about keeping $1 million in one bank. FDIC gives example, plus other options to increase that amount here:

FDIC: Your Insured Deposits

Bank rates here:

MMA Rates by Bankrate.com

Look into credit unions also
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Old 07-28-2011, 11:19 AM   #3
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I'm sure many of you think we're crazy to be in cash but that's where we are and it's not a good time to plunge into anything right now.
You may see a great buying opportunity next week.
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Old 07-28-2011, 11:25 AM   #4
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You may see a great buying opportunity next week.
Or you may miss one this week.
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Old 07-28-2011, 11:47 AM   #5
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My husband and I have a bunch of cash. How can we park our cash to minimize the number of banks we'd have to use but make sure all the money is in FDIC insured accounts? Also, does anyone know where you can get the maximum interest?

I remember Smarty Pig but the last time I checked them, the interest wasn't that great. I think there's a way to do it - one account just in my name, one account just in his name, a joint account and maybe another thing so we could have $1 million in one bank.

I'm sure many of you think we're crazy to be in cash but that's where we are and it's not a good time to plunge into anything right now.

You need to be careful with the rules... if you are on one account as an individual and another as a co-signer, the limit is for one account... you might not be protected as you think...

The way to do it (at least for the time being) is to put anything over $250K into a regular checking account with NO interest... this account does not have a limit right now....
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Old 07-28-2011, 11:55 AM   #6
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So what f-one forwarded us was not correct?
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Old 07-28-2011, 12:09 PM   #7
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So what f-one forwarded us was not correct?
It's correct. Texas Proud is just advising you to be careful and make sure you understand the FDIC insurance rules.
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Old 07-28-2011, 12:19 PM   #8
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It's correct. Texas Proud is just advising you to be careful and make sure you understand the FDIC insurance rules.
Yes... you have to have the account styled correctly or you can run into a problem...

There was a friend of my sister who had $250K in her own account and was a co-signer on an account with her sister... she thought that it was 'safe' because that other account was her sister's.... come to find out that it was not safe and they lost about $50K when the bank failed...

I would much rather put the money in a few banks and be SURE than put it all in one and hope the person who opened up the accounts checked all the boxes correctly to protect you...

PS.... for ME, I would rather have it in Vanguard (or Fidelity) than a bank with that kind of money....
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Old 07-28-2011, 03:51 PM   #9
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I got a pamplet from a bank today and it says I can have an account, my husband can have an account and we can have a joint account and revocable trusts for each other and all would be FDIC insured. Is it only good for spouses? It specifically says, husband, wife, etc.
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Old 07-28-2011, 04:11 PM   #10
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Originally Posted by bridgezon View Post
I got a pamplet from a bank today and it says I can have an account, my husband can have an account and we can have a joint account and revocable trusts for each other and all would be FDIC insured. Is it only good for spouses? It specifically says, husband, wife, etc.
About joint accounts from the following link: FDIC: Your Insured Deposits

Quote:
There is no kinship requirement for joint account coverage. Any two or more people that co-own funds can qualify for insurance coverage in the joint account ownership category provided the requirements listed above are met.
By now you're realizing how complicated all this stuff can be! Here's some info that may help: FDIC: Your Insured Deposits

For More Information from the FDIC
Call toll-free at:
1-877-ASK-FDIC (1-877-275-3342)
Hearing Impaired Line:
1-800-925-4618
Calculate insurance coverage using the FDIC's online Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie
Read more about FDIC insurance online at: www.fdic.gov/deposit/deposits
View Frequently Asked Questions on Deposit Insurance Coverage at: www.fdic.gov/deposit/deposits/index.html
Order FDIC deposit insurance products online at: https://vcart.velocitypayment.com/fdic/index.php
Send questions by e-mail using the FDIC's online Customer Assistance Form at: www2.fdic.gov/starsmail
Mail questions to:
Federal Deposit insurance Corporation
Attn: Deposit Insurance Outreach Group
550 17th Street, NW
Washington, DC 20429



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Old 07-29-2011, 12:30 PM   #11
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I got a pamplet from a bank today and it says I can have an account, my husband can have an account and we can have a joint account and revocable trusts for each other and all would be FDIC insured. Is it only good for spouses? It specifically says, husband, wife, etc.
I would not open a joint account with anybody that i was not married to (or had some other, similar legal arrangement with like a business partner, etc.). Putting kids and such as joint owners on accounts is what we call "inviting trouble."
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Old 07-29-2011, 12:55 PM   #12
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Perhaps as an alternative you should consider taking part of your money and purchasing U.S. Treasury bonds. You can rest assured with the AAA credit rating and the "full faith and credit" of the United States Government backing them.... hmm, er.... disregard what I just said!
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