FDIC Insurance

Discussion in 'The Watercooler' started by muttmeister, Sep 18, 2008.

  1. muttmeister

    muttmeister Well-Known Member

    On one of the economic discussions we've had in the last few days I think somebody posted that savings accounts are covered by FDIC insurance but that checking accounts are not. I know that is not what I was told by my bank so I did a little checking. On all of the sources I've read, including the FDIC's own website, they all say that checking accounts are covered - as long as your bank is FDIC insured and you aren't over the $100,000 limit (like I have to worry about that:rolleyes:).

    Maybe I misunderstood what was said but I thought that might reassure some of you.
  2. MyFriendKita

    MyFriendKita Member

    I'm glad you posted this, and I hope anyone who was worried gets to see this as well. I saw the other post, too, and was going to post a link to the FDIC website, but didn't get around to it. I guess it's better late than never:

  3. Star*

    Star* call 911........call 911

    Thanks Mutt -

    Off to move my account(s).....I have so much money I will need around 100 accounts.....buggers! :tongue: OH that was 100,000 and not $1 - my bad.

  4. Hound dog

    Hound dog Nana's are Beautiful

    lol Star. You and me both.

    Still keeping my funds in my hot lil hands though. (what little I have) Cuz while it might be insured, you never know how long it'll take them to get it to you.

    But it does make me feel better about what I have to keep in there for paying bills.
  5. witzend

    witzend Well-Known Member

    They must have changed the law since the dark ages when I worked at the banks! It used to be only the savings.
  6. meowbunny

    meowbunny New Member

    Just in case someone is lucky enough to have $100,000, remember that any interest that takes you over $100,000 is NOT insured. So, be sure to leave some leeway for interest.
  7. TerryJ2

    TerryJ2 Well-Known Member

    Interesting. Thank you.