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08-09-2007, 05:26 PM
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#1
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Dryer sheet wannabe
Join Date: May 2006
Posts: 19
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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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08-09-2007, 05:53 PM
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#2
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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 Quote:
Originally Posted by Worried in FL
Should I be worried that I have a large CD with them? The news on them is scaring me.
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Is your CD insured by FDIC? Or is it really large?
Countrywide just bought out another large subprime lender in our area.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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08-09-2007, 06:20 PM
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#3
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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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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No more lawyer stuff, no more political stuff, so no more CYA
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08-09-2007, 07:54 PM
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#4
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Dryer sheet wannabe
Join Date: May 2006
Posts: 19
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Thanks Rich and Martha! It is under 100,000. so I guess I shouldn't worry.
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08-09-2007, 07:59 PM
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#5
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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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.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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08-09-2007, 07:59 PM
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#6
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Recycles dryer sheets
Join Date: Jun 2007
Posts: 377
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Quote:
Originally Posted by Worried in FL
Thanks Rich and Martha! It is under 100,000. so I guess I shouldn't worry.
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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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08-09-2007, 08:17 PM
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#7
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Dryer sheet wannabe
Join Date: May 2006
Posts: 19
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OH NO! Now I am really worried!
Worried in Florida!
Quote:
Originally Posted by Bigritchie
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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08-09-2007, 08:39 PM
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#8
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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08-09-2007, 08:52 PM
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#9
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gone traveling
Join Date: Aug 2006
Posts: 994
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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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08-09-2007, 09:00 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 2,422
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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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08-10-2007, 08:08 AM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by FIRE'd@51
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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That is true...........
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
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08-13-2007, 04:15 PM
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#12
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Dryer sheet wannabe
Join Date: May 2006
Posts: 19
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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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