Is it safe to have a ton of money in an ELOAN account?

[The Funky Llama]

yea so Ive got a ton of money in an eloan account , probably almost half of my net worth. Is this safe? Or should I maybe have other bank accounts?

I don't want to invest the money right now for various reasons.

[emon87]

I don't know anything about e loan. Is it an FDIC insured account?

[Poker_is_Hard]

FDIC means it is only insured up to 100k.

[sebbb]

I use eloan too and supposedly it's safe up to 100k

[The Funky Llama]

if i have more than 100k in it should I put it elsewhere or is it cool?

[DcifrThs]

[ QUOTE ]
if i have more than 100k in it should I put it elsewhere or is it cool?

[/ QUOTE ]

in general, unexpected events that have a large impact on your life should be avoided like the plague when you can.

FDIC insurance allows for 100k.

if you have 500k there, why not open 5 accounts with 100k each? (assuming you don't want to invest it for whatever reason)

you don't want 1 event to hurt your life in a significant way. nobody does, but if you can prevent it with a 100% (assuming FDIC is good for it) certainty, then why not?

is the cost of opening up other depository accounts that high?

Barron

[Jimbo]

Just to clarify:
Any and all accounts in a single financial institition are cumulative. In other words having 5 seperate 100K accounts in your name in the same bank does not decrease your exposure,only the first 100K is FDIC insured.

Jimbo

[DcifrThs]

[ QUOTE ]
Just to clarify:
Any and all accounts in a single financial institition are cumulative. In other words having 5 seperate 100K accounts in your name in the same bank does not decrease your exposure,only the first 100K is FDIC insured.

Jimbo

[/ QUOTE ]

yes, when i said "account" i mean "account in an institution separate from ELOAN"

Barron

[emon87]

[ QUOTE ]
FDIC means it is only insured up to 100k.

[/ QUOTE ]
No [censored], really? I had no idea

[Gigi]

Do you have it in e-loan because of the 5.25% Savings? You should have no problem finding other FDIC institutions that pay 5.5% to 6.0%

All FDIC joint accounts are insured for 200K. You can make a payable upon death accounts and name family members as the beneficiaries anytime you need 100K more. IRA accounts are a separate 100K too.

Citi private banking used has a nice setup where they would spread your money between their different entities (Citibank Delaware, Citicorp Trust, 8 more...) and you can have a million insured, but they all merged and now theres only two.