Comments on: Deposit Insurance: Recession-proof your savings http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/ The best Credit Card Debt Blog online Wed, 17 Mar 2010 10:38:55 -0400 http://wordpress.org/?v=abc hourly 1 By: Teaching Personal Finance | Master Your Card http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/comment-page-1/#comment-39443 Teaching Personal Finance | Master Your Card Tue, 05 May 2009 14:10:10 +0000 http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/#comment-39443 [...] not familiar with the FDIC insurance, be sure to check out the posts I’ve written on it here and here. The instructor goes over how the FDIC came to be and the fact that the limits were [...] [...] not familiar with the FDIC insurance, be sure to check out the posts I’ve written on it here and here. The instructor goes over how the FDIC came to be and the fact that the limits were [...]

]]> By: Jumbo CD Investments - CD Rates Blog » Are Your Funds Insured? http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/comment-page-1/#comment-669 Jumbo CD Investments - CD Rates Blog » Are Your Funds Insured? Fri, 04 Apr 2008 14:17:43 +0000 http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/#comment-669 [...] Recession Proof Your Savings [...] [...] Recession Proof Your Savings [...]

]]> By: Certificate of Deposit Rates http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/comment-page-1/#comment-668 Certificate of Deposit Rates Fri, 04 Apr 2008 14:09:54 +0000 http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/#comment-668 I thought there was an error in your example so I checked it at the FDIC's deposit calculator at http://www4.fdic.gov/EDIE/. You did not have an error though. Some people try to have a single account and then a Living Trust where they are the only beneficiary, thinking those are different types of accounts. However, they end up being treated the same because an owner can't also be the beneficiary. One thing to keep in mind when doing POD/LT accounts is what happens when an owner or beneficiary passes away. If an owner passes a way the account has 6-months to be reconfigured before its coverage amount is changed. However, if a benenficary passes away, the amount insured changes immediately. For example, you have a POD/LT account for $300,000 with three beneficiaries. If one of the beneficiaries passes away, it will only be insured for $200,000 and would have to be reconfigured immediately. With POD/LT accounts it may be best to not maximize the insurance coverage completeley if the unthinkable happens. Great Info. I thought there was an error in your example so I checked it at the FDIC’s deposit calculator at http://www4.fdic.gov/EDIE/. You did not have an error though. Some people try to have a single account and then a Living Trust where they are the only beneficiary, thinking those are different types of accounts. However, they end up being treated the same because an owner can’t also be the beneficiary.

One thing to keep in mind when doing POD/LT accounts is what happens when an owner or beneficiary passes away. If an owner passes a way the account has 6-months to be reconfigured before its coverage amount is changed. However, if a benenficary passes away, the amount insured changes immediately. For example, you have a POD/LT account for $300,000 with three beneficiaries. If one of the beneficiaries passes away, it will only be insured for $200,000 and would have to be reconfigured immediately.

With POD/LT accounts it may be best to not maximize the insurance coverage completeley if the unthinkable happens.

Great Info.

]]> By: A Roundup of Interesting Financial Posts This Week | The Social Marginal http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/comment-page-1/#comment-665 A Roundup of Interesting Financial Posts This Week | The Social Marginal Fri, 04 Apr 2008 03:12:50 +0000 http://masteryourcard.com/blog/2008/04/03/deposit-insurance-recession-proof-your-savings/#comment-665 [...] writes about recession-proofing your savings - Good layman readable overview on what is and isn’t insured in case your bank [...] [...] writes about recession-proofing your savings – Good layman readable overview on what is and isn’t insured in case your bank [...]

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