FDIC

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date FDIC Gil Faver 03-05-2008  Re: FDIC dapperdobbs 03-07-2008  Re: FDIC Gil Faver 03-07-2008  Re: FDIC dapperdobbs 03-08-2008  Re: FDIC Gil Faver 03-08-2008  Re: FDIC David 03-08-2008  Re: FDIC Avrum Lapin 03-09-2008  Re: FDIC dapperdobbs 03-12-2008
Posted by Gil Faver on March 5, 2008, 11:05 am I am buying brokered CDs. I note there are what appear to be several different Wells Fargo Banks (as an example), i.e. WF Calif; WF Colorado; WF South Dakota, etc. Also a WF "primary". are these technically different banks, so I get $100k FDIC protection in each one? -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by dapperdobbs on March 7, 2008, 5:05 am > I am buying brokered CDs.  I note there are what appear to be several > different Wells Fargo Banks (as an example), i.e. WF Calif; WF Colorado; WF > South Dakota, etc.  Also a WF "primary". Are these technically different banks, so I get $100k FDIC protection in each one? Easy. FDIC website, specifically - http://www.fdic.gov/deposit/deposits/insured/index.html "Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank." They also tell you whether or not your CD's qualify .... -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Gil Faver on March 7, 2008, 12:43 pm >> I am buying brokered CDs. I note there are what appear to be several >> different Wells Fargo Banks (as an example), i.e. WF Calif; WF Colorado; >> WF >> South Dakota, etc. Also a WF "primary". Are these technically different >> banks, so I get $100k FDIC protection in each one? > > Easy. FDIC website, specifically - > http://www.fdic.gov/deposit/deposits/insured/index.html > > "Deposits in separate branches of an insured bank > are not separately insured. Deposits in one insured > bank are insured separately from deposits in another > insured bank." you miss the point of my question. Are these separate BRANCHES, or separate BANKS, from the FDIC's point of view? -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by dapperdobbs on March 8, 2008, 7:08 am > you miss the point of my question.  Are these separate BRANCHES, or separate > BANKS, from the FDIC's point of view? So sorry I missed the point of your question - my best guess is that these are viewed as branches of the same bank, as their operations are consolidated and reported as Wells Fargo on the same 10k. I think if you asked someone at Wells Fargo they could tell you how the FDIC views it, and whether or not your state of residency figures into the picture. I'm not sure if you are asking for your own personal information, or opening a topic for discussion purposes. If in fact you are seeking FDIC insurance as distinct from other commercially available insurance such as some brokerages offer, and you are not satisfied with the information the bank gives you, you can probably contact the FDIC directly with your specific question. I'd be interested in learning what you find. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Gil Faver on March 8, 2008, 2:40 pm > >> you miss the point of my question. Are these separate BRANCHES, or >> separate >> BANKS, from the FDIC's point of view? > > So sorry I missed the point of your question - my best guess is that > these are viewed as branches of the same bank, as their operations are > consolidated and reported as Wells Fargo on the same 10k. I think if > you asked someone at Wells Fargo they could tell you how the FDIC > views it, and whether or not your state of residency figures into the > picture. > > I'm not sure if you are asking for your own personal information, or > opening a topic for discussion purposes. If in fact you are seeking > FDIC insurance as distinct from other commercially available insurance > such as some brokerages offer, and you are not satisfied with the > information the bank gives you, you can probably contact the FDIC > directly with your specific question. > > I'd be interested in learning what you find. actually, you link said something interesting - something to the effect that each separate BANK will have its own FDIC number. But, I do not see where to find that number, even on the FDIC website. I will ask e-trade, and not hold my breath. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. 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