FDIC insurance

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PostPosted: Tue Apr 13, 2010 10:19 am   Post subject: FDIC insurance  

I was just going through some banking materials and came across information regarding FDIC insurance. Is it really necessary for a bank to get FDIC insurance? Are all accounts covered under it?


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PostPosted: Wed Apr 14, 2010 3:59 am   Post subject:   

No not entirely necessary, but would to place money at a bank that wasn't insured if the one accross the street was?

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PostPosted: Wed Apr 14, 2010 10:45 am   Post subject:   

Traditional bank accounts e.g. savings, checking, trust, IRAs, CDs, are all covered. Banks would also offer money market deposits that are covered under FDIC.

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PostPosted: Thu Apr 15, 2010 9:39 am   Post subject:   

I have come across a lot of investment options e.g. mutual funds, life policies, annuities, bonds and stocks. These are the non-deposit products and hence are not covered under FDIC.

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PostPosted: Fri Apr 16, 2010 6:48 am   Post subject:   

FDIC also doesn't cover safe deposit boxes. You could apply for separate coverage for all the items contained in such boxes.


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PostPosted: Fri Apr 16, 2010 9:02 am   Post subject: FDIC insurance  

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933.

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PostPosted: Mon Apr 19, 2010 2:45 am   Post subject:   

Quote:


Traditional bank accounts e.g. savings, checking, trust, IRAs, CDs, are all covered. Banks would also offer money market deposits that are covered under FDIC.




No, not exactly, IRAs and Trusts are not FDIC insured, depending on the account.



However, you can get a brokerage account, funded with CD's or Money Markets that is SIPC insured, which is 5 times the coverage.
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