My $1.60 is safe!!!

[jognlope]

I have to chuckle as Suzy Orman comes on Today to emphasize, your second 100,000 at your bank, no matter how many accuonts you have, is not insured.

[Tom]

:eek::eek::eek::eek::eek::eek::eek::eek:

[witchdoctor]

I have to chuckle as Suzy Orman comes on Today to emphasize, your second 100,000 at your bank, no matter how many accuonts you have, is not insured.


I guess I will have to put it somewhere else that is safer like the stock market.

[Dave Schwartz]

I am reminded of an old friend who used to say that he was working on his third million. (This was back when a million dollars was real money.)

He would continue by saying, "I gave up on the first two."

[DJofSD]

From the basic guide (http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html) on the FDIC web site:

What Does the FDIC Insure?

The FDIC insures all deposits at insured banks, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank.
Basic Insurance Amount Is $100,000

The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank.

If you and your family have $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage -- your deposits are fully insured.
Coverage Over $100,000

The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.

You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
Common Ownership Categories

The most common ownership categories are:

* Single Accounts
* Certain Retirement Accounts
* Joint Accounts
* Revocable Trust Accounts

[jognlope]

Off topic, but McCain did make me laugh with his favorite Reagan joke - "Congress spends money like drunken sailors." McCain finishes up by saying he got a lot of emails on this, but remembers one in particular: "Dear Mr. McCain, I am a drunken sailor and resent being compared to Congressman."