GeologyGirl Posted November 13, 2010 Report Share Posted November 13, 2010 FDIC states on their web site "Each depositor insured to at least $250,000 per insured bank" . So what happens to my millions of free floating uninsured money that is transferred via ONE wire transfer from a trusted broker? Do I risk losing it? Do I go to the 5/3 bank and hand them a 25K IQD at a time and set up fluid, money market, CD's, etc.? I understand sitting in that office and verifying that money hit my bank. Then I drive 3 hours back to my bank to meet with them... will my money be there when I get back to conduct business? (Sorry if this sounds like dumb question but I am not super bank savvy). Link to comment Share on other sites More sharing options...
Uncle Barkie Posted November 13, 2010 Report Share Posted November 13, 2010 (edited) The FDIC insurance is in place should the bank fail (i.e. go bankrupt.) The insurance covers you up to $250,000 on each interest bearing account . Any amount over the $250k is not covered. But again, this covers you should the bank fail/ go bankrupt. That is my understanding of the current FDIC laws ... and it's possible I may be wrong. And yes, your money will be there. Edited November 13, 2010 by Uncle Barkie Link to comment Share on other sites More sharing options...
tileman1814 Posted November 13, 2010 Report Share Posted November 13, 2010 (edited) FDIC states on their web site "Each depositor insured to at least $250,000 per insured bank" . So what happens to my millions of free floating uninsured money that is transferred via ONE wire transfer from a trusted broker? Do I risk losing it? Do I go to the 5/3 bank and hand them a 25K IQD at a time and set up fluid, money market, CD's, etc.? I understand sitting in that office and verifying that money hit my bank. Then I drive 3 hours back to my bank to meet with them... will my money be there when I get back to conduct business? (Sorry if this sounds like dumb question but I am not super bank savvy). Talk to your bank about added insurence.It doesn't cost very much and you can have it in place before you do your transfer. Semper Fi !!! Edited November 13, 2010 by tileman1814 Link to comment Share on other sites More sharing options...
vibo Posted November 13, 2010 Report Share Posted November 13, 2010 I also think if you have a joint account, your FDIC would cover your joint-person for the 250k, so together you would have 500k. 1 Link to comment Share on other sites More sharing options...
GeologyGirl Posted November 13, 2010 Author Report Share Posted November 13, 2010 Thank you for your help. Link to comment Share on other sites More sharing options...
All-In-4-RV Posted November 13, 2010 Report Share Posted November 13, 2010 In most cases today our US banks have joined a 'tag' program which extends the $250,000 FDIC coverage from the $100,000 coverage. This is because the increased FDIC coverage ($250,000), expires at the end of 2010. Therefor, your first question should be to ask your bank if they are a 'tag' covered bank. Check out which banks in your area participate in the CEDARS program which can cover you up to 1 million dollars at one bank. Or do a little research on the internet to check out the differanct ways you can 'title' your accounts so you can be covered for more than 1,000,000 or 250,000. For example you might hold a joint account, a single accounts, and a POD account for children. Or of course you can check into trust accounts. RV Baby!!! 2 Link to comment Share on other sites More sharing options...
thegente Posted November 13, 2010 Report Share Posted November 13, 2010 Like the previous posters have said, your money is insured against the bank failing. If you want to protect a large sum of money for a period of time until you decide what or how you will invest it, open a CDARS account. You can deposit up to 50 million into one CDARS account, and it will be spread evenly over a series of FDIC insured bank accounts that the CDARS bank will manage for you, and you will only receive one statement, and have only one account to deal with personally, the CDARS bank does the rest. Hope this helps. Link to comment Share on other sites More sharing options...
Hooter Posted November 13, 2010 Report Share Posted November 13, 2010 Use a government owned bank like Wells Fargo, B of A , or Citi (who actually have deals with Iraq and Warka). IMO there is going to be a short amount of time after the RV when we will be vulnerable until you can get your funds secured. That could be hours or days depending on how prepared you are. Definetely speak your bank manager before you cash in so everyone involved is aware and ready for the transaction. I also heard that you can get a temporary guarantee on non-interest bearing accounts from 30 to 90 days. But I think that came from TK, so it's probably not true. Once the RV happens, I will explore all options and post what I find. I encourage all DV members to do the same. We are a family (albeit dysfunctional), and need to help each other as much as possible. I'm sure there are those that wish to take advantage of us, and if we are calm and informed, we will all be better off GO BRONCOS GO RV 1 Link to comment Share on other sites More sharing options...
DinarDiva007 Posted November 13, 2010 Report Share Posted November 13, 2010 Do you know if you can have a CDARS account in a business name? Link to comment Share on other sites More sharing options...
fenix Posted November 13, 2010 Report Share Posted November 13, 2010 Talk to your bank about added insurence.It doesn't cost very much and you can have it in place before you do your transfer. Semper Fi !!! what a great answer Link to comment Share on other sites More sharing options...
Articdragon Posted November 13, 2010 Report Share Posted November 13, 2010 Talked to my banker, 250,000 per person on account. So me and my wife with my son as beneficiary =750,000 per account. If you have a checking and savings that 1.5 million covered etc.... Link to comment Share on other sites More sharing options...
Silhouette Posted November 14, 2010 Report Share Posted November 14, 2010 Good questions...thanks for asking!!! Link to comment Share on other sites More sharing options...
Fimum Posted November 14, 2010 Report Share Posted November 14, 2010 Thanks for the tip All-In-4-RV! A CDARS (Certificate of Deposit Account Registry Service) bank can provide multi-million dollar FDIC protection. Check out the CDARS site for more info. They have a page that you can search for a CDARS participating bank in your state. The CDARS site does NOT come out and state just how large of an account they insure, but an article from"The Street" http://www.thestreet.com/story/10458411/1/how-to-safely-exceed-fdic-limits.html?cm_ven=GOOGLEN says it will work up to $50 Million! Fimum. Link to comment Share on other sites More sharing options...
Captjohn Posted November 14, 2010 Report Share Posted November 14, 2010 (edited) FDIC states on their web site "Each depositor insured to at least $250,000 per insured bank" . So what happens to my millions of free floating uninsured money that is transferred via ONE wire transfer from a trusted broker? Do I risk losing it? Do I go to the 5/3 bank and hand them a 25K IQD at a time and set up fluid, money market, CD's, etc.? I understand sitting in that office and verifying that money hit my bank. Then I drive 3 hours back to my bank to meet with them... will my money be there when I get back to conduct business? (Sorry if this sounds like dumb question but I am not super bank savvy). Perfectly good question and a reasonable concern. I can only tell you that I will do the following: 1. Work with Dinar Trade so I can lock-in a rate. 2. Have DT do a ledger-to-ledger transfer to my BOA account (it is esentially instantaneous and a bank officer on the phone should be able to confirm receipt in your account within 15 mins of transmission). 3. Immediately have the bank move the money around to different accounts or investment vehicles that will provide protection (your CPA can advise best here). 4. For 3 above, it may be best to have a plan for dispersion lodged with the bank officer; then he or she can implement your plan without delay as per your prior instructions. 5. For amounts in the millions, you may want to check out the CDARS (cdars.com) program. You only open one account, but your money is spread around a number of acccounts such that no one account is over the FDIC insurance limit. Pretty neat. Good luck Edited November 14, 2010 by Captjohn Link to comment Share on other sites More sharing options...
LanaL Posted November 14, 2010 Report Share Posted November 14, 2010 Perfectly good question and a reasonable concern. I can only tell you that I will do the following: 1. Work with Dinar Trade so I can lock-in a rate. 2. Have DT do a ledger-to-ledger transfer to my BOA account (it is esentially instantaneous and a bank officer on the phone should be able to confirm receipt in your account within 15 mins of transmission). 3. Immediately have the bank move the money around to different accounts or investment vehicles that will provide protection (your CPA can advise best here). 4. For 3 above, it may be best to have a plan for dispersion lodged with the bank officer; then he or she can implement your plan without delay as per your prior instructions. 5. For amounts in the millions, you may want to check out the CDARS (cdars.com) program. You only open one account, but your money is spread around a number of acccounts such that no one account is over the FDIC insurance limit. Pretty neat. Good luck I am so printing this out...thx, all. Let's change the world and do what the politicians can't or won't. To those where much is given, much is expected. L 1 Link to comment Share on other sites More sharing options...
ds2 Posted November 14, 2010 Report Share Posted November 14, 2010 i recall reading that no interest bearing accounts have no limit for protection. i could be wrong. maybe worth checking that option out untill you decide how to invest the money. or the cdars is a good option if you want to deposit it for a longer term. it is like a cd acct but spread over different banks. and like a cd acct you must deposit it for a period of time, say at least 3 months. cdars i imagine would be a good deal if you had a lot of money you wanted to deposit and collect the interest. usually the longer term deposited the more interest % collected. check around i'm sure you will find many options to suit your needs. i checked about the cdars with my bank a while back. Link to comment Share on other sites More sharing options...
RicknSaudi Posted November 14, 2010 Report Share Posted November 14, 2010 In most cases today our US banks have joined a 'tag' program which extends the $250,000 FDIC coverage from the $100,000 coverage. This is because the increased FDIC coverage ($250,000), expires at the end of 2010. Therefor, your first question should be to ask your bank if they are a 'tag' covered bank. Check out which banks in your area participate in the CEDARS program which can cover you up to 1 million dollars at one bank. Or do a little research on the internet to check out the differanct ways you can 'title' your accounts so you can be covered for more than 1,000,000 or 250,000. For example you might hold a joint account, a single accounts, and a POD account for children. Or of course you can check into trust accounts. RV Baby!!! The TAG program has been extended until Dec 31st, 2011 for banks that don't "opt out".... Link to comment Share on other sites More sharing options...
GeologyGirl Posted November 14, 2010 Author Report Share Posted November 14, 2010 Perfectly good question and a reasonable concern. I can only tell you that I will do the following: 1. Work with Dinar Trade so I can lock-in a rate. 2. Have DT do a ledger-to-ledger transfer to my BOA account (it is esentially instantaneous and a bank officer on the phone should be able to confirm receipt in your account within 15 mins of transmission). 3. Immediately have the bank move the money around to different accounts or investment vehicles that will provide protection (your CPA can advise best here). 4. For 3 above, it may be best to have a plan for dispersion lodged with the bank officer; then he or she can implement your plan without delay as per your prior instructions. 5. For amounts in the millions, you may want to check out the CDARS (cdars.com) program. You only open one account, but your money is spread around a number of acccounts such that no one account is over the FDIC insurance limit. Pretty neat. Good luck Smart person!!! Thank you for sharing. Thank you to everyone for a vast amount of knowledge and it is great to have so many people willing to help. Thank you, thank you, thank you!!! Link to comment Share on other sites More sharing options...
Recommended Posts