FDIC Insurance for BIG Bank Deposits

FOX /Business

Friday, July 18, 2008


Your Money Matters


FDIC Insurance for BIG Bank Deposits





Here’s a little secret about the $100,000 limit on federal insurance for bank deposits: There are ways around it.



By that I mean there are ways to make sure that your money is safe even if you have more than $100,000 at a single bank.(1)

One-Stop Shopping for Large CDs

“We can get anyone up to $50 million in FDIC coverage through one bank,” said Battey. “From the customer’s point of view, they make one transaction, at one bank, at one interest rate and receive one consolidated statement.”
Finding a CDARS Bank

At this point, more than 2100 banks have joined the CDARS network. Although there are a few large institutions, most are locally-based community banks. You can search for one in your area by going to http://www.cdars.com/index.php. Then click on “Where to Find CDARS.”

http://www.foxbusiness.com/story/personal-finance/fdic-insurance-big-bank-deposits/

Looks like we could just dump our cash at your local CDARS bank and it would be insured for up to $50 million at no cost to us. That's pretty cool!