My Bank Failed ! How is Yours?

[gene1944]

IRA accounts are insured by the FDIC up to $250,000.

 

Regular accounts are insured up to $100,000. Any amount over 100K will initially be refunded at 50 cents to the dollar. After the dust has settled at the bank, the FDIC might return more money over the 50% amount initially returned.

[Orangutan]

Also have a CD at IndyMac Bank maturing in September for a bit under a hundred grand..now that the FDIC has stepped up the CD is rated the same as a AAA Government bond.

 

I will be transferring to my HSBC Online Savings Account..HSBC is highly regarded and acknowledged by the banking industry, you can google it for banking trade awards.

 

Yes joint savings account with wife is insured to $200,000.

 

-O

[gene1944]

More info on fdic insurance coverage and some suggestions:

 

# Make deposits at FDIC-insured banks. The FDIC logo should be plainly displayed on their Web site and in their branches.

# Make sure you understand the rules of insurance coverage. The FDIC aggregates each customer's deposits, such as checking accounts, savings accounts and CDs, into several "ownership categories" that each receive separate FDIC insurance coverage. Understanding and taking advantage of these ownership categories is the primary way for depositors to maximize their FDIC-insured balances.

 

Ownership Category Insurance Limit

Single accounts $100,000 per depositor across all accounts of the same category. Includes sole proprietorship accounts.

Joint accounts $100,000 per owner across all accounts.

Certain retirement accounts $250,000 per owner, excluding Coverdell education savings, health savings and medical savings accounts.

Revocable trust accounts $100,000 per qualified beneficiary per owner. Includes both formal and informal revocable trust accounts.

Irrevocable trust accounts $100,000 per trust when trust has contingencies.

Employee benefit plan accounts Up to $100,000 for each participant's noncontingent interest in the plan.

Corporation, partnership and unincorporated association accounts $100,000 per incorporated entity, partnership, or unincorporated association.

Government accounts $100,000 per official custodian of the government entities. Demand deposits are separately insured from savings deposits.

 

# Make the most of the first four ownership categories listed above (the most common categories) to maximize coverage. For example, with careful planning, a married couple can have more than $1 million of FDIC coverage. Here's how:

 

Account Title Insured Amount

Wife's individual savings accounts, checking accounts and CDs $100,000

Husband's individual savings accounts, checking accounts and CDs $100,000

Husband and wife joint checking accounts, savings accounts and CDs $200,000

Husband's retirement account (IRA) $250,000

Wife's retirement account (IRA) $250,000

Husband and wife's living trust account naming three children as beneficiaries $600,000

Total $1,500,000

 

[mongatu]

I guess you are not getting my point. I'll give it one more shot and then I'm out of here.

 

Yes banks fail everywhere and I'm not saying a Thai bank is more likely to fail than any other. But if and when a Thai bank fails, a farang account holder doesn't get US$100k of government insurance to reimburse him for his losses.

 

So therefore, assuming everything else being equal (which it's not but that's not the point), your money is NOT as safe in an UNinsured Thai bank as it is in an FDIC insured US bank or other countries bank that is backed up by government insurance.