Should i have different saving accounts if i have only 1 now with over $500,000,being fdic only insures $100 K

Question

FEELING THAT CHASE BANK IN ny is pretty popwerfull and the chances of them going under are close to slim and none, up to now i like to have just 1 account.anyone agree with me or am i in denial that even chase could fold and anything over $100,000 is not insured by fdic,therefore i or others will loose the excess

Answer 1

Yes, if it is a retirement account then it is covered up to $250,000, and if it is a regular account then it is covered only to $100,000.  Yuo will have to keep switching to another account to prevent from losing money like so many did in the last few weeks with banks like IndyMac going under.

Answer 2

Why do you have $500,000 in the bank? You should be diversified. Stocks, bonds, mutual funds. Talk to an investment advisor.

Answer 3

mad roberts is wrong, it's $100,000 combined. I suggest you put no more $75,000 in  different banks, and it can not be the same bank at different branchs.

Answer 4

Why on earth are you keeping so much money in a bank instead of putting it work for you?  That is very dumb money management.  You are not getting any kind of decent return on your money.  With that kind of money, if you don't know what you're doing, get a financial advisor who does!  And not someone at a local retail bank branch!

If you have an IRA, it would be covered up to $250,000 under FDIC; otherwise, your account is covered up to $100,000.  Dividing it up into different accounts does not protect you.

BTW, Chase is one of the top 3 banks in exposure to derivatives (along with BofA & Citi).  Among them, these 3 hold trillions of dollars of risky paper.  I like Chase, but you better believe only a small fraction of $$ lands there.  I wouldn't open an account for my dog at the others.

Answer 5

better mix your assets into other banks not leave it for them to only insure you for 100k better to have another acoount

in 100k amounts five of them and make sure they are not  the same banking group just found out some banks bank in banking groups under the same contract to do business

as a outlet for the power group like a franchise. if you have all five 100 k in a same group bank on th e same business

contract as a franchise of bank one or chase you might have your account viewed as five different accounts but in aone franchise under the same franchise you would only retrieve 100k of your total 500 k even though you have it in five different banks they are all on the same business group contrct thus in the same bank just this one here is bank on e a the other is first bank but they al fsallunder one chase bank.

just a extension of one bank group all the same in the accounts they only insure 100k not the full 500 k.

I had to move assets around too found out i was in a same f=group but doing business with five diferent acounts thought I wqas safe I was not all five in the same bank group and I woud have lost the uninsured amounts, over the first 100k.

check on this with your chase it needs moved if so. better fast before the next run and you want your cash in hand.

better safe than sorry. and sure.cheers

Answer 6

one checking

one saving

Each with 100,000