Bank goes under, takes woman's $20k with it. FDIC combines accounts

God bless America.

Separate accounts in 1 bank is not the same as separate accounts at different banks. They even say that in the video.

Or seperate accounts under corporate names. could have spent 99 dollars on a corporation, and gottne unlimited DBA's and been protected.

FDIC insurance is not per account, its per BANK

Suckers.

another victim sucked dry by the banksters.

Thanks for the info.

That's how it works. Anyone who didn't know that, shame on them.

Its sad that people dont know the financial basics

: / ....... Scary stuff.

If this were the case, nobody would ever have more than 100k/account, you'd just open a new account every time with 100k. FDIC is only on a per bank basis.
WG

so if you have more than 100k with one bank, take out the amount over 100k and open an account with another bank. that way you have fdic protection...

Happy America

I have a feeling that trying to get your money back will be a huge bitch. I was talking to my 401k advisor and he told me that the law is written that the fdic legally has 100 years to pay you back. I can't find it anywhere on the fdic site, but you can see that when they do address this question it's pretty loose.

http://www.fdic.gov/deposit/deposits...aqs/index.html

#18. If a bank fails, what is the timeframe for payout of the funds that are insured if the bank cannot be acquired by another financial institution?
Federal law requires the FDIC to make payments of insured deposits "as soon as possible" upon the failure of an insured institution. While every bank failure is unique, there are standard policies and procedures that the FDIC follows in making deposit insurance payments. It is the FDIC's goal to make deposit insurance payments within one business day of the failure of the insured institution. Typically, a bank that has failed will be closed on a Friday. The FDIC will then work the weekend to complete deposit insurance determinations for most deposits and be prepared on Monday to either transfer the insured portion of a deposit to another FDIC insured institution or provide deposit insurance payment checks. (Note: Some deposits that require supplemental documentation from the depositors, such as accounts linked to a living trust agreement or funds placed by a deposit broker, may take a little longer. The timing of the completion of the deposit insurance determination is based solely on the depositor providing the documentation needed by the FDIC to determine insurance coverage.)

she wasn't smart enough to have that much money anyway

you just title your accounts as POD = payment on death if you have family to put on there, you get another 100k for each family member you add. Just don't tell them about it

There have been a dozen bank failures this year. The ones I've followed all closed on a weekend and money was available at a different institution on Monday

Example: Here is the info for First Priority Bank in Bradenton, FL
http://www.fdic.gov/bank/individual/...ml#acquire_fin
IV. Acquiring Financial Institution
All insured non-brokered deposit accounts have been transferred to SunTrust Bank based in Atlanta, Georgia ("assuming institution") and will be available immediately. Your bank will re-open on Monday during regular business hours at the former First Priority Bank main office and branch locations.

Principal and interest on insured accounts, through August 1, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 800-837-0215. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.

There were about $500 MILLION dollars or so lost at IndyMac in uninsured deposits. About 10,000 people lost money because they had more than covered by FDIC. I'm SURE there were many with say more than $1 million in the bank who lost $900,000.

More bank failures to come.

That sucks