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Financial Planning - Financial planning in general. (Moderated)
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Posted by on March 28, 2008, 3:13 pm
My credit union tells me my money there is insured for more than
$100,000, by FDIC. They say EACH cd is separately insured for
$100,000. Supposing I have 4 cd's, I am insured for a possible
total of $400,000.
I noticed that each cd I have has it's own account number.
This is all I found in writing so far, from their online site :
"Your savings Federally insured to at least $100,000 and backed by
the full faith and credit of the United States Government. National
Credit Union Administration, a US Government Agency. "
Sound right ??
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Posted by Justin on March 28, 2008, 3:29 pm
Noveau67@aol.com wrote on [Fri, 28 Mar 2008 14:13:25 -0500]:
> My credit union tells me my money there is insured for more than
> $100,000, by FDIC. They say EACH cd is separately insured for
> $100,000. Supposing I have 4 cd's, I am insured for a possible
> total of $400,000.
Nope. Credit unions use the NCUA, not the FDIC.
> I noticed that each cd I have has it's own account number.
>
> This is all I found in writing so far, from their online site :
>
> "Your savings Federally insured to at least $100,000 and backed by
> the full faith and credit of the United States Government. National
> Credit Union Administration, a US Government Agency. "
If a member has more than one individual account in the same insured
credit union, is each account insured to $100,000 SMSIA?
No. Individual share accounts held by the same member are added together
and are insured up to $100,000 SMSIA. An individual share account is an
account solely owned by one individual without the right of withdrawal
by another individual. IRA, Keogh, and Deferred Compensation accounts
are insured separately. See the section on NCUSIF Insurance of Special
Accounts for more details .
http://webapps.ncua.gov/ins/InsuredFunds/SpecialAccounts.htm
Different types of accounts are needed to push the limits higher.
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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
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Posted by on March 29, 2008, 2:01 pm
Thanks. Looks like I will have to open a new account at a different
bank or credit union, if I want to be insured on over $100,000 in
stuff like CD's , savings, and checking. Seems like the individual
credit unions would have found a way to keep customers with more than
$100,000 staying with them, but I guess not.
And thanks for the link.
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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
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Posted by dapperdobbs on March 30, 2008, 7:43 am
Might want to check out "FDIC" topic on this forum, March 12, 2008
http://groups.google.com/group/misc.invest.financial-plan/browse_frm/thread/10b6e7307a512e82/59d08b77f3723550?hl=en#59d08b77f3723550
Unless there's some overriding credit union regulation, I believe the
topic above concluded that if you have CD's in your account that are
issued by unrelated banks, each CD is insured to $100,000.
On Mar 29, 1:01 pm, Novea...@aol.com wrote:
> Thanks. Looks like I will have to open a new account at a different
> bank or credit union, if I want to be insured on over $100,000 in
> stuff like CD's , savings, and checking. Seems like the individual
> credit unions would have found a way to keep customers with more than
> $100,000 staying with them, but I guess not.
>
> And thanks for the link.
>
--------------------------------------
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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Posted by nosmo king on April 2, 2008, 10:34 am
On Mar 28, 3:13 pm, Novea...@aol.com wrote:
> My credit union tells me my money there is insured for more than
> $100,000, by FDIC. They say EACH cd is separately insured for
> $100,000. Supposing I have 4 cd's, I am insured for a possible
> total of $400,000.
CDARS (www.cdars.com) offers FDIC insurance up to $50 million.
--------------------------------------
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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