Any Bankers here?

[Profiler]

Have indymac type questions.

I understand all my savings and checking are lumped together to be insured to $100k.

I understand that if I have a joint account with spouse, she and I both get $100k of coverage and all accounts have to be below this number to be insured.

However,

What if I have a business account of a PLLC which has 5 owners. Am I insured up to $500k? Do they all have to be signees or only one will work.

Thanks for the advice.

[Tmiller72]

What does all of that have to do with baking? I thought I was going to get a good chocolate chip cookie recipe or something.

 

Edit: The subject has been fixed.

[nevinem]

I have never heard the info about the joint account I have always been under the assumption that the FDIC insures each account for 100k so to get 500k coverage you would need 5 accounts.....also just wondering why would you have 100k in an actual bank account ? CD or otherwise ? and not a brokerage account or mutual fund etc etc

[Bogeyman82]

Some people just have that kind of coin I guess.

[ROBOPTI]

I am "kind of" in banking .... I buy them and rip em up per se

 

I'll spare you the glorified verbal diarhea answer and just tell you like it is

 

Each account regardless of the # of signors/owners of said account is insured to 100K - so no way you get 500K in coverage ... and it must by a true insured account - It's one thing to have that FDIC sticker on the door - but do you really know that the deposits of the bank are truly insured - That's something to do a lil homework on.

 

HOWEVER !!!!!!!!!!!!!!!!!! ... The BIGGEST MISCONCEPTION of the "I'm OK - My account is insured" statement

 

Is that - based on the state of FED and other indicators - The FED DOES HAVE THE RIGHT - to take up to 10 YEARS AT ZERO % interest to pay your "claim" on your account.

 

In other words - The FED can say "Yes - Mr. Consumer - We acknowledge you had $100,00.00 in your account ... and in whatever increments we decide to pay - sometime between now and 10 years from today - you will receive only 100K and NO interest on your $$ whatsoever"

 

That RARELY if ever occurs - but given the state of the world (the US actually) - and IMO the fact that we are literally on the brink of a COMPLETE collapse of our economy. I wouldn't count on it

 

I'm just sayin ...... :clapping:

[*sigh*]

It's per entity, not account. So if you had say 5 accounts under your name, you are still only insured to $100k total.

 

For businesses, it's a bit tougher, not completely sure if its per signer, or per business name. I believe it is the latter.

 

I'm only a teller, but we've had quite a few of these questions coming in lately, but it really is not very easy to understand. Have you had a look at the FDIC website?

 

But honestly, especially if you are with a bigger bank, you really have nothing to worry about, the economy is not that bad, and the government can't even really afford to have those banks go under. There is just so much panic out there that is really unwarranted.

[ROBOPTI]

oming in lately, but it really is not very easy to understand. Have you had a look at the FDIC website?

 

But honestly, especially if you are with a bigger bank, you really have nothing to worry about, the economy is not that bad, and the government can't even really afford to have those banks go under. There is just so much panic out there that is really unwarranted.

 

 

I normally wouldn't respond to things on a forum like this - BUT !!!!!!!!!!

 

My friend ... NO OFFENSE ...

 

YOU NEED TO WAKE UP MY FRIEND

 

I could literally post a 10 page essay on how you have absolutely NO CLUE what you are talking about - but it probably wouldn't be asorbed

 

"can't afford" ... You do realize the FED is TAPPED OUT ... The impact of the FNMA FDMAC alone is beyond what most people can truly comprehend. "afford" - Bro - The asset is worthless - Yes they can let them fail - and they will - IN DROVES - do you remember RTC - that could look like a blue light special given what my type of company sees. Right now the largest mortgage lender in the WORLD could theoretically close its doors ANY DAY. You can thank the CRIMINALS at the bond rating companies that were giving AAA to mortgage back securitization pools that had ZERO value in the world. They were junk at best.

 

All time job losses .. real estate collapsing as fast as they can recook the books ... lending drying up ... foreign countries gobbling our Ts as fast as worth can print the WORTHLESS things - ETC ETC ETC ETC ETC. Mark my words - IN OUR LIFE-TIME - YOU WILL see a foreign power dictate term to the US and we will have to take it ... that coming from a Reagan conservative. It makes sick to see the state of the US sometimes. Right now - in the USD - the TRUE !!! LTV (loan to value) is at the highest negative equity level EVER !!!!! - EVER !!!!!!!!

 

The country has been bankrupt for quite some time - we're just starting to pay for it now

 

When you are a few ranks beyond teller - trust me - you MIGHT get it ... but trust me ... I'm am in the loop - You have no clue