topic Re: FDIC Insurance Coverage and NCUA Insurance Coverage in Credit in the News

FDIC Insurance Coverage and NCUA Insurance Coverage

AndySoCal — Tue, 14 Mar 2023 04:14:19 GMT

In the wake of the two failed banks over the weekend. I am posting the insuranace coverage for the banks (FDIC) and credit unions (NCUA)

The the coverage for both banks and credit unions is the same. The differance is who the insurer is. On a personal note I was customer of a bank that failed about 13 years ago. In my case US Bank bought the bank from the FDIC. I did not lose a penny. Keep in mind the insurance is per bank-Edited to add per account titlingand account type (see coverage) at the bank not per account. @MyDataMyChoice Thank you for the correcting my error

Banks

https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/index.html

Credit Unions

https://ncua.gov/support-services/share-insurance-fund

depositaccounts.com - One of the things the web site will tell you is the health of the bank or credit union . One of the factors is capitalization.

One thing that cannot be accounted in any measurement is a paniced stampede either on line or in person (a run on a bank). This was a contributing factor in the failure of one of the banks in my opinion. The FDIC web site will walk you through your coverage. For 99% or more of us have nothing to worry about.

Re: FDIC Insurance Coverage and NCUA Insurance Coverage

MyDataMyChoice — Tue, 14 Mar 2023 02:11:51 GMT

Just FYI on your note about coverage being per bank

it is per account titling at the bank

an account titled. The following would all be separate even at the same bank

John smith

Mary smith

John smith and Mary smith

john smith POD Mary smith

mary smith POD John smith

life estate if John and Mary smith etc etc

Re: FDIC Insurance Coverage and NCUA Insurance Coverage

Anonymalous — Tue, 14 Mar 2023 20:18:00 GMT

They're waiving the $250,000 FDIC insurance limit for Silicon Valley and Signature banks, so people and businesses with more than a quarter of a million will be made whole.

Re: FDIC Insurance Coverage and NCUA Insurance Coverage

ZackAttack — Mon, 27 Mar 2023 00:47:04 GMT

So how does the insurance work for personal/business?

Say I have accounts at Bank A. Bank A has personal assets and 1 LLC. Does that mean my personal assets gets up to 250k and the 1 LLC gets up to 250k???

Re: FDIC Insurance Coverage and NCUA Insurance Coverage

Anonymalous — Mon, 27 Mar 2023 02:12:44 GMT

@ZackAttack wrote:
So how does the insurance work for personal/business?

Say I have accounts at Bank A. Bank A has personal assets and 1 LLC. Does that mean my personal assets gets up to 250k and the 1 LLC gets up to 250k???

It's "per depositor, per insured bank, for each account ownership category". See here:

https://www.fdic.gov/resources/deposit-insurance/

The EDIE tool linked on the same page can be used to check to see if your accounts are covered.