Bank Failures (Public Service Announcement)

[Vega33]

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Thanks a ton for the heads up Nate. I am definitely one of the ignorant poker players and this sort of reminds me to get my head out of my ass. Does anyone know if you are protected if you have 100k in savings with ING or emigrant or whatever and then additional money in CDs with the same bank? Thanks,
Ben

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No- 100k per bank, unless you have another account jointly with your wife or something like that.

[danielkomen]

Since I am an idiot who is going to lose money in this situation.

It is $100,000 per person per bank (not per account). But if you have a joint account with your wife, that counts as a 2nd person. A business account a third person. But that still means you need to have $100,000 in each account. I think if you had 3 separate entity but had $300,000 in one account for one of these you could lose the $200,000.

Your bank will never tell you this but I think you can see if they are going to fail by just doing some diligence. Netbank had great customer service but I guess everything else was terrible. The stock tanked this past april under a $1 and the bonds were given a horrible rating for years. The bank or FDIC will never tell you this because this would cause a bank run but in the future I'll double check how sound my bank is. I guess at least add the stock code of your bank to stocks you watch.

[NickyC]

Great thread, thanks to all posters who contributed something relating to the topic.

[Bill Gates]

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Probably a stupid question, but then what do guys like Bill Gates do?

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Gates has a family investment offce called cascade investments/BGI (bill gates investments). The office manages his microsoft holdings, the selling program, and the diversification of assets, its a large office and michael dell has something similar. MSD capital, basically it's own hedge fund.


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I also keep a cool million under my bed.

[BeerMoney]

Does anybody know if the money market accounts on netbank were insured?

[curtains]

Dumb question probably, but why is it much safer to have lots of money invested in Vanguard?