FDIC ad on page 9 of BusinessWeek

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Anonymous_IHB

New member
Ok, now I'm worried. Just got my copy of BusinessWeek in the mail, and right there on the prime advertising space on page 9 is an FDIC ad with the headline "Insuring deposits up to (picture of a $100,000 bill) witthout anyone losing a (picture of a penny).

I've never seen an FDIC ad ever before. Why do they need to run that ad now, and in such a prime spot? Are the banks really that hard up for deposits?
 
Well, it's not that they're hard up for deposits, so much that

they have lost so much giving out 100% loans of various kinds.

I agree to be scared. When someone wants to reassure you so

badly, that means there is trouble trouble trouble to be scared of.

I did not imagine that the FDIC had an ad budget even.
 
Between my wife and I, we have a FDIC insured up to $200,000 in Countrywide bank savings link. Are we really safe? or are they just telling us that we are safe?

Worried Panda
 
PANDA said:
Between my wife and I, we have a FDIC insured up to $200,000 in Countrywide bank savings link. Are we really safe? or are they just telling us that we are safe?

Worried Panda
Click to expand...

From the FDIC site:

Code: 
Joint Accounts

	These are deposit accounts owned by two or more people. If both owners have equal rights to withdraw money from a joint account, each person’s shares of all joint accounts at the same insured bank are added together and the total is insured up to $100,000.

	

	If a couple has a joint checking account and a joint savings account at the same insured bank, each co-owner's shares of the two accounts are added together and insured up to $100,000, providing up to $200,000 in coverage for the couple's joint accounts.

	

	Example: John and Mary have a $220,000 CD at an insured bank. Under FDIC rules, each person's share of each joint account is considered equal unless otherwise stated in the bank’s records. John and Mary each own $110,000 in the joint account category, putting a total of $20,000 ($10,000 for each) over the insurance limit.

	

	Account Holders Ownership Share Amount Insured Amount Uninsured 

	John $ 110,000 $ 100,000 $ 10,000 

	Mary $ 110,000 $ 100,000 $ 10,000 

	Total $ 220,000 $ 200,000 $ 20,000 

	

	Note: Jointly owned qualifying trust accounts are not included in this ownership category.
 
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