FDIC

On Mar 5, 11:05 am, "Gil Faver"

On Mar 7, 12:43 pm, "Gil Faver"

actually, you link said something interesting - something to the effect that each separate BANK will have its own FDIC number. But, I do not see where to find that number, even on the FDIC website. I will ask e-trade, and not hold my breath.

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In article , "Gil Faver" >

I think FDIC goes by bank charter. I once worked for a bank with consolidated operations. It was made up of at least 3 separately chartered banks, but owned by a single holding company. As a service to our clients, we completed the paperwork for them to purchase CDs at one of the other banks, making it convenient for them and enabling us to keep the deposits in our 'family' of banks.

If I remember correctly Smith Barney's money sweep Bank deposit program disclosure statement stated that the first account was at CitiBank (South Dakota) and when that account approached $100K they moved to CitiBank (another state). Since I never plan to have anywhere close to $100K in the Bank Deposit program I buried the disclosure statement in an "I hope that I never have to find it" folder

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On Mar 8, 2:40 pm, "Gil Faver" actually, you link said something interesting - something to the effect that

This is just results of brows

"A program called the "Certificate of Deposit Account Registry Service" allows you to keep up to $25 million invested in CDs at one bank and have it all covered by FDIC insurance. [1]"

My guess is that the mechanics behind this involve banks trading funds around, so you may end up with CD's from other banks. Again, the fundamentals are the soundness of the bank and their ability to repay principal.

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