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FDIC for over $100,000 ??

My credit union tells me my money there is insured for more than $100,000, by FDIC. They say EACH cd is separately insured for $100,000. Supposing I have 4 cd's, I am insured for a possible total of $400,000.

I noticed that each cd I have has it's own account number.

This is all I found in writing so far, from their online site :

"Your savings Federally insured to at least $100,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a US Government Agency. "

Sound right ??

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Reply to
Noveau67
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snipped-for-privacy@aol.com wrote on [Fri, 28 Mar 2008 14:13:25 -0500]:

Nope. Credit unions use the NCUA, not the FDIC.

If a member has more than one individual account in the same insured credit union, is each account insured to $100,000 SMSIA?

No. Individual share accounts held by the same member are added together and are insured up to $100,000 SMSIA. An individual share account is an account solely owned by one individual without the right of withdrawal by another individual. IRA, Keogh, and Deferred Compensation accounts are insured separately. See the section on NCUSIF Insurance of Special Accounts for more details .

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Different types of accounts are needed to push the limits higher.

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Reply to
Justin

Thanks. Looks like I will have to open a new account at a different bank or credit union, if I want to be insured on over $100,000 in stuff like CD's , savings, and checking. Seems like the individual credit unions would have found a way to keep customers with more than $100,000 staying with them, but I guess not.

And thanks for the link.

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Reply to
Noveau67

Might want to check out "FDIC" topic on this forum, March 12, 2008

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Thanks.  Looks like I will have to open a new account at a different

-------------------------------------- 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 Newsgroup.

Reply to
dapperdobbs

CDARS

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offers FDIC insurance up to $50 million.

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Reply to
nosmo king

This appears to offer an interesting solution where savers are keen on FDIC. The web site mentions costs, and says that there are costs of course, but the CD rate quoted is net of costs.

Has anyone used cdars?

-HW "Skip" Weldon Columbia, SC

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Reply to
HW "Skip" Weldon

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