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 David on March 8, 2008, 7:20 pm In article > >> 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. > 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. > I think FDIC goes by bank charter. I once worked for a bank with consolidated operations. It was made up of at least 3 separately chartered banks, but owned by a single holding company. As a service to our clients, we completed the paperwork for them to purchase CDs at one of the other banks, making it convenient for them and enabling us to keep the deposits in our 'family' of banks. -- I do the best I can, but I could be wrong. please post reply to newsgroup. David, Williamsport, PA. USA. http://mysite.verizon.net/vzev1hs3/ -------------------------------------- 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 Avrum Lapin on March 9, 2008, 7:12 am wrote: > In article > > > > >> 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. > > > 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. > > > > I think FDIC goes by bank charter. I once worked for a bank with > consolidated operations. It was made up of at least 3 separately > chartered banks, but owned by a single holding company. As a service to > our clients, we completed the paperwork for them to purchase CDs at one > of the other banks, making it convenient for them and enabling us to > keep the deposits in our 'family' of banks. If I remember correctly Smith Barney's money sweep Bank deposit program disclosure statement stated that the first account was at CitiBank (South Dakota) and when that account approached $100K they moved to CitiBank (another state). Since I never plan to have anywhere close to $100K in the Bank Deposit program I buried the disclosure statement in an "I hope that I never have to find it" folder -------------------------------------- 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 12, 2008, 5:11 am > >> you miss the point of my question. Are these separate BRANCHES, or > >> separate > >> BANKS, from the FDIC's point of view? [snip] > 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. This is just results of browsing and is nothing "hard" but Wikipedia says: http://en.wikipedia.org/wiki/Certificates_of_deposit "A program called the "Certificate of Deposit Account Registry Service" allows you to keep up to $25 million invested in CDs at one bank and have it all covered by FDIC insurance. [1]" My guess is that the mechanics behind this involve banks trading funds around, so you may end up with CD's from other banks. Again, the fundamentals are the soundness of the bank and their ability to repay principal. -------------------------------------- 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. Similar Threads Posted FDIC for over $100,000 ?? 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