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Posted by Larz on July 15, 2008, 5:11 am
I have an IRA worth about with fidelity in Boston. Originally it was
a 401k that
I rolled into an IRA after being laid off. I want to know if it can be
federally insured or if I want it to
be federally insured, should I transfer it to a different bank ?
I have another account in a different bank.
Another question is, If I have more than 100k, but in different bank
accounts, will the government insure both accounts ?
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Posted by PeterL on July 15, 2008, 12:00 pm
> I have an IRA worth about with fidelity in Boston. Originally it was
> a 401k that
> I rolled into an IRA after being laid off. I want to know if it can be
> federally insured or if I want it to
> be federally insured, should I transfer it to a different bank ?
Is it in Fidelity investment or Fidelity bank? You can certainly roll
it into a bank IRA, which will be federally insured.
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to keep the conversations on-topic for financial planning. Other posting
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Posted by Larz on July 15, 2008, 4:03 pm
>
> > I have an IRA worth about with fidelity in Boston. Originally it was
> > a 401k that
> > I rolled into an IRA after being laid off. I want to know if it can be
> > federally insured or if I want it to
> > be federally insured, should I transfer it to a different bank ?
>
> Is it in Fidelity investment or Fidelity bank? You can certainly roll
> it into a bank IRA, which will be federally insured.
>
So I just talked to Fidelity Investments, they said I can move my
money into an IRA CD with them
which they said is Federally insured, so that's my plan. Right now, my
IRA is not federally insured.
I set up an appointment next week to meet with them.
I had put $15,000 into gold last May and it has gone up $700, alot of
my other stuff has gone down.
--------------------------------------
Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
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Posted by Larz on July 15, 2008, 4:03 pm
>
> > I have an IRA worth about with fidelity in Boston. Originally it was
> > a 401k that
> > I rolled into an IRA after being laid off. I want to know if it can be
> > federally insured or if I want it to
> > be federally insured, should I transfer it to a different bank ?
>
> Is it in Fidelity investment or Fidelity bank? You can certainly roll
> it into a bank IRA, which will be federally insured.
>
it's in fidelity investments. Do I get penalized or have to pay a fee
to move money out of fidelity ?
--------------------------------------
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which we respond. For all of the other tips and suggestions, see "FROM THE
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Posted by on July 15, 2008, 2:53 pm
> I have an IRA worth about with fidelity in Boston. Originally it was
> a 401k that
> I rolled into an IRA after being laid off. I want to know if it can be
> federally insured or if I want it to
> be federally insured, should I transfer it to a different bank ?
>
> I have another account in a different bank.
>
> Another question is, If I have more than 100k, but in different bank
> accounts, will the government insure both accounts ?
The Wall Street Journal had an article on this yesterday:
What FDIC Covers On Bank Accounts
By SHELLY BANJO
July 14, 2008; Page A13
Q: What do depositors do if they have more than $100,000 they need to
put in the bank?
A: One way to protect the money is to hold accounts under that sum at
a few separate banks. For those wanting to keep money at the same
institution, perhaps for convenience's sake, a sound strategy is to
open different accounts.
For instance, a married couple could each open an individual account
(up to $100,000 in each), a joint account (up to $200,000), two
separate individual retirement accounts ($250,000 each) and two
revocable trust accounts, payable on death, naming each other as
beneficiaries ($100,000 each). Together that is more than $1 million
of insured deposits.
Also, they could set up additional revocable trusts insured up to
$100,000 for other qualified beneficiaries such as parents, siblings,
children and grandchildren.
Q: Are there any pitfalls to this multiple-account, single-bank
approach?
A: Depositors should make sure their accounts are properly titled at
the bank. Bank employees may not always know the correct distinctions.
Because of misinformation from Countrywide Financial Corp., "I had
$100,000 in funds uninsured for a considerable amount of time," says
Scott Marberblatt of Swampscott, Mass. He held $100,000 in a
certificate of deposit and put $100,000 in a savings account with two
beneficiaries. But the bank did not properly title the savings account
with the words "In Trust For," so the second $100,000 went uninsured.
If Countrywide had failed -- it ended up being acquired by much
stronger Bank of America Corp. -- then he would have had a problem.
To verify all accounts are FDIC-insured, contact the FDIC consumer hot
line at 1-877-275-3342 or use the deposit insurance calculator at
www.fdic.gov.
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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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