FDIC Insurance Explained 2023! How To Use The FDIC Calculator & How To Increase Your FDIC Limit
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- Опубликовано: 5 окт 2024
- What Happens To Your Money If First Republic Bank Fails? What does FDIC insurance cover? What does FDIC insurance not cover, but SIPC or other protection schemes may?
How can you increase your FDIC coverage in certain instances? How can you use the FDIC calculator to see if you’re fully FDIC-insured? What happens to FDIC insurance when a bank actually defaults? What about FDIC Insurance and bail-ins?
These are the top five FDIC coverage | FDIC protection questions I’ve gotten lately that I’ll answer in today’s video (When A Bank Defaults What Does FDIC Insurance Cover | FDIC Insurance Explained)
SOURCES:
What the FDIC Covers & What It Doesn’t: www.fdic.gov/r...
What SIPC Covers: www.sipc.org/f...
FDIC Ownership Categories (Including POD & Revocable Trust Accounts):
www.fdic.gov/r...
FDIC Calculator: edie.fdic.gov/...
FDIC FAQs: www.fdic.gov/r...
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How are money market accounts protected( Fidelity or Vanguard)?
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I canceled my CD at capital One (5%, 11 months) due to their disclosure for CD's ; From Capital One:
Certificate of Deposit Disclosure
"Details about the Certificate of Deposit: Our Certificate of Deposit is a “non-certificate” time deposit. It’s opened for a specific amount of time at a fixed rate of interest. When you open a Certificate of Deposit, you agree to keep your funds on deposit for a stated amount of time."
And this came up when I searched for What is a non certificate CD?
An uninsured certificate of deposit is a CD that is not insured against losses. Due to the lack of insurance, these CDs yield a higher interest rate, as the purchaser assumes all of the risks.
So it seems there is a conflict between FDIC & disclosure at Capital One !?
Am I missing something?
For our CD ladders held at Fidelity I’ve been keeping track of the totals per bank and investing less than $250 k per bank in the case of my IRA and $500 k in our taxable trust account. Your video was very helpful and I didn’t realize we were insured for $500k in our trust account (because there are two of us) until I watched your video. Thanks 😊
Great info as always. Just a note that if you have your money at a credit union you’re covered by NCUA which is basically the same thing as FDIC.
You're a wonderful teacher.
Will you be covering how IRA and ROTH IRA balances are protected? These can get large but having multiple accounts across different brokerages gets complicated. I like to keep things simple but safety is important too. Thanks for the education!
Yes please!
I think many have questions regarding IRAs and FDIC coverage
Wow! This is new SPIC insured
SIPC*
Thanks.I will ask fidelity.Unless you know.
Thank you for sharing this important information and especially the links for additional info. Kudo to you, Jennifer!
Had 2 local banks close down on me in the 90's. FDIC gave my money back within 3 days. The check was in the mail so make sure your current address is on file.
Thank you for confirming FDIC up to $250,000 for each of multiple accts with different beneficiaries at same bank. My banker told me that was how I could have several accts up to $250,000 insured, but I wanted a second savvy opinion from someone not associated with my bank.
I appreciate your videos, very direct, informative, without the hysterical scare tactic headlines to manipulate viewers.
I watch your videos and one other no nonsense program,no longer waste time with the hype .
SIPC up to 250,000 cash claims
Thanks. Very informative and helpful.
Thanks Jen, as always your presentation is clear, concise and much appreciated. Will you be discussing the SIPC and brokerage defaults?
Well done! Thank you for always being so thorough! ❤
Thank you Jen! I really enjoy your videos. Could you do a video on Insured Cash Sweeps? Two banks my business has accounts at offer them and I'm wondering if they are a better deal than spending time looking for, establishing, and managing accounts at additional banks that allow business savings accounts. The more I learn, the more complicated they seem.
Kudos! What a fantastic presentation.
Thank you. I appreciate you!
Thank you Jennifer for providing us very important informations .
What I don’t understand is how a sole owner + 1 POD only gets $250k in fdic insurance and not $500k
Yes. Interested in Insurance protection schemes for annuities.
I would like your thoughts on how to protect against brokerage bail-ins.
Thank you Jennifer : - )
Thank you for the detailed info. Sorry if this is a silly question, If I have a CD and a savings account at the same bank, would both accounts be covered by fdic with 250K each..?
I would your thoughts on why the brokered CD I bought on Fidelity shows reduced in value in my positions?
I have a CD at Fidelity also and it is showing reduce value. I called them up and ask them about it . The guy said not to worry about it , you get all the money in the end. He did not tell me why the daily balance kept going down.
Jen, probably a dumb question but here goes. I have multiple brokered CD’s at Fidelity that total over $250k. Will the FDIC cover each CD as an individual account, or are they covered in total as a single Fidelity account since they are all under the same account number? This account also has a POD designation. All individual CD’s are at FDIC banks and well under $250k.
So you couldn't just set up two separate personal accounts at the same bank both below $250k and still be safe? Insured?
People should realize the FDIC only has enough assets to cover 1.26% of total deposits that it insures. In the case of a widespread financial crisis, your money may not be as protected as you think. Kind of scary giving the news that just came out yesterday!
Widespread bank failures are actually a common occurrence in American history. There have been more bank failures in the U.S. over the past 200 years than the rest of the world combined. The main reason for this is the sheer number of banks in the U.S. Most countries only have a small handful of large banks. The U.S. has hundreds of small regional banks.
Hey Jennifer, I have 50k saved for a down payment on a house. I'm looking into buying t bills with it for the meanwhile. In the very unlikely case that the government does default, would I lose all of the money? Or what would be your recommendation that I do with the money for the meanwhile?
I'm in the same situation. Just bought my first t bills! I figure if the gov't defaults and I lose that money, we'll have much bigger problems to worry about anyway!
Jen, can you comment on the debt ceiling issue? I'm hesitant to buy T bills that go past June at this point. Thanks.
What Happens If The US Defaults On Its Debt | US Debt Ceiling 2023 | I-Bonds 2023 | T-Bills 2023
ruclips.net/video/vMJDAv2jNso/видео.html
How To Invest During A Debt Ceiling Crisis (2023) | Treasury Bills 2023 | Treasury Bonds 2023
ruclips.net/video/nDpmsPDKA1c/видео.html
Treasury notes ? Who guarantees Treasury notes?
Thank you.
Poor Markus' fake sister... 🤣 Thanks for the detailed explanations Jen!
Excellent thanks
Hi Jen, I am sure you see what is happening to SVB these couple of days... They were actually forced to sell their treasuries before maturity. It is like watching a movie, it is so unreal.
Thanks for the heads up. I'm really concerned about the GOP forcing a government default this summer by not lifting the debt ceiling. I bought series I bonds last year and was looking forward to them gaining interest...but they are not covered by FDIC. Would a 5% CD be a safer place to stash my cash?
Good morning Ms.Jennifer.I am with fidelity.My one account has short term treasuries only.Even the bank goes belly up are treasuries protected? Thanks..One speaker recommended buying it from treasury direct.IRA money can’t buy treasuries from treasury direct.One recommended using a separate account.Such account charge fee for holding treasuries.For now I am keeping them in current Bank I e Fidelity.
Thanks
Great video. Thanks for posting it. Is there any way that a CD could be through a broker account?
This couldn’t have come at a better time!!!’ Banks are indeed going bust now!
What about wealthfront and betterment who provide " Up to $5M FDIC insurance through partner banks"
If I buy a Charles Schwab bank CD via my Fidelity Brokerage is the insurance coverage via Charles Schwab or Fidelity Brokerage if the bank or brokerage firm defaults? Great channel by the way.
I have the same question. For example, I bought Ally bank CD vis Fidelity broked CD, if there is a problem with Ally bank, how do I get my money via FDIC?
Yes, each brokered CD has FDIC insurance from the issuing bank, as long as a brokerage firm partners with banks (and credit unions) that are all federally insured.
What about multiple joint accounts (me and husband) in the same bank, will they be limited to 500K insurance in totality or treated as separate entities and insured for 500K for each account?
In the example where 2 people having joint accounts with 4 beneficiaries (let's say a bunch of CDs at the same bank), if the bank folds, since FDIC insurance coverage is 2 million, will FDIC pay 2 million in a few days after the bank folds? If not, then what's the meaning of FDIC insurance coverage of 2 million with FDIE estimator tool? If yes, then clearly FDIC is paying a lot over 250,000 when the bank folds, basically the entire insured amount. Would like some clarification.
Question: I have a joint saving account with my husband and a joint savings account with my daughter (legal age) at the same bank. Is each account covered for $500k for a total of a million or is one covered for $500k and the other one only for $250k?
You did say. . . Quote: " CD's are 'generally' covered." 😮
I understand that T-Bills are protected by the full faith of the U.S. Government... But what happens to T-Bills held at your brokerage if your broker were to fail? Wouldn't you be limited by SIPC insurance of $500k plus whatever additional coverage your broker offers? Also, if T-bills matures after a broker fails... and you can't transfer them before they become cash.... Wouldn't you be limited to receiving $250k cash in SIPC? Thanks!
Hi. Assume I purchased brokered CDs from Schwab. Let's say one of the banks brokered cd under $250K fail, how do investor gets paid from FDIC? Does an investor need to do anything or submit anything? Is it the FDIC fund automatic deposit back to the investor brokerage account?
I'm not sure I understand the beneficiary language. FDIC language indicates under Single Accounts "An account held in one person’s name only, provided the owner has not designated any beneficiary(ies) who are entitled to receive the funds when the account owner dies". I have designated my wife as my beneficiary. If the bank tanks - will she be entitled to 250k of FDIC coverage as a designated beneficiary or what does that beneficiary language mean - the inverse?
hi Jennifer, IS POD account same as Single account or a Joint account w/ POD beneficiaries? FDIC website says something that POD accounts have to be titled differently by the bank. That makes me think that POD accounts are different than single/joint accoint with POD beneficiary. Do you know if they are same? thanks.
I bought silvergate bank CD for 1000$ thru fidelity. Will I lose my money now? I’m hearing all news about silvergate crash. I’m really worried .
Are credit unions less likely to be involved in “bail Ins”? Are their investments less risky?
What does the NCUA cover & not cover?
Stay tuned for more!
Thank you very much for the information. I had heard that the FDIC has up to 99 years to pay the protected amount. Is this true or false?
😂🤣😂🤣😂🤣😂🤣
Here’s a question….
Let’s say someone has CDs across 2 platforms (aka Fidelity and Charles Schwab). Let’s say they have 150k in each…..Are they fully covered (FDIC Insured) with 300k total…..I’m assuming coverage is 250k per brokerage
Yes they 250k per account across different banks.
What do you think would happen to all of my direct deposits into my account if the bank is closed?
If a bank fails can you access your safety deposit box?
if you own stocks held in a bank,why can;t you just get the certificates from the company and hold them in a safe? My grandfather did
Can please somebody, let me know. FDIC. is only when the bank collapsed but not covered if fraud or a bank account has been hacked?
What about insurance for credit unions?
Stay tuned for this one!
With all these what is covered and what is not I did not see a mention of MMF money market funds? I assume they're not covered and don't want to talk about it.
Per the video Money Market Accounts held at your bank are included in the FDIC $250 k limit
I recently called fidelity and asked if given a choice would you go with CD or Tbills. He said CD because Tbills are not insured . Also because you can buy fragmented CD from fidelity, it gives you limitless diversity in de-risking your CDs . I am going to reduce my Tbills to only 10% of my asset based on this info.
@@Bigguy_33 totally agree
ruclips.net/video/0UcggDp5pGE/видео.html Maybe you have seen this by now.. I would be happier with the full faith and credit of the United States on T-Bills
Great news from Jerome Powell today 💰💰💰💰💰
Why would anyone keep uninsured money in a bank 🤔
Juggling multiple accounts and different banks can be a pain in the behind.
What if your married and have a joint account does that fdic cover us for 500k?
I go through this in the video
Yes.
If you have 250,000 of CDs at Morgan Stanley PVT B New York and Morgan Stanley Bank Utah are you FDIC insured up to 500,000?
Joe
How young can the beneficiaries be to count towards increasing FDIC insurance on the revocable trust checking and savings accounts?
THANK YOU for this information. I have a 401K and T-bills at Fidelity. I now understand that the T-bills are not insured and the 401K is, up to $250k. I will now have to see if I can make my wife co-owner on the 401K , so the amount would be totally covered. I guess, maybe I should slow down on buying T-bills and move some of it into more C/Ds, since I don't have a sister? Thank you again.
Treasury bills is fine just don't have alot in it. if it's stable and reputable brokerage like fidelity, or schwab it should be fine.
@DiamondNestEgg I recently opened a TD ameritrade account. It asked the question if I want uninvested funds sweeped and it’s SIPC insured or keep the money in the “banks” (all Schwab) then it’s FDIC insured. So if I also have accounts at Schwab and those funds happens to be in those banks, am I still $250k insured in total across Schwab and TD Ameritrade?
You Are WONDERFUL! I Could Kiss 😙You!! You Know What People Want To Know And You Tell Them!!👍☺🖒