Most banks insure your money up to 250,000. That being the case, does anyone know if that is per person or account? Reason I ask, If I chose to open accounts to stow 1 million, what would be the best way to both make the most off the deposit, as well as protect that money while in the bank. Reason I ask this is the fact that in these times, no institution that is charge of the public's money can be 100% trusted.

I believe the FDIC insurance works on a per-account basis, but I couldn't swear to it. If I was to place a sum of money that was in excess of FDIC limits in "the bank", I'd split it up and use 4 different banks for a million. It should be noted that the FDIC has never failed to make depositors whole in the event of a bank failure. HOWEVER it can take a substantial period of time to sort out all the forensic accounting and write you a check.

CD's

but with that kinda loot, I'd keep it offshore lol

I think they raised the limit recently to $500k per account. If you want real answers, go to the bank and ask.

per account - for sure

CD's

but with that kinda loot, I'd keep it offshore lol

The only fear is that what if I put it in a European account and then the euro drops or the banks start caving in? I just want to make the most from my money while at the same time a guarantee that the money is there and not blown away. This kinda money is my daughter's future and I don't want to gamble with it (not in the sense of physically gambling :shifty). I do appreciate the educated responses to my question though. God Bless. J

It's my understanding many banks(FDIC insured) and credit unions(NCUA insured) allow you to list beneficiaries "per account" considered. $1M acct. w/4 beneficiaries insured at $250,000 each.

But Dorkfish's 4 banks @ $250K each plan is the way most people do it.

I read you blog and suggest to share problem with bank insurance expert.
Who give you important information on this topic ans your problem will be
easily solve.

I read you blog and suggest to share problem with bank insurance expert.
Who give you important information on this topic ans your problem will be
easily solve.

Jim, I read your post and suggest you http://tnation.t-nation.com/forum_images/4/a/4a4da-Ari_Gold_Get_the_Fuck_Out.gif also welcome to GDC :cheers

How much insurance coverage does the FDIC provide?

The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank. For example, if a person has a certificate of deposit at Bank A and has a certificate of deposit at Bank B, the accounts would each be insured separately up to $250,000. Funds deposited in separate branches of the same insured bank are not separately insured.

The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership. The FDIC refers to these different categories as “ownership categories.” This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage if the customer’s funds are deposited in different ownership categories and the requirements for each ownership category are met.

http://www.fdic.gov/deposit/deposits/insured/basics.html

Hope this helps!

It's per person, per bank. For a total of $250k. Not per account. One account with $500k in it is insured the same as 2 $250 balances.

If you open two accounts at the same bank, each with $250k, you are still insured by the FDIC for only $250k. Either split up the money over different banks, or a much better idea is to put into investments that are backed by real items, such as gold, stocks, mutual funds etc. Honestly, there is no reason I can think of to keep that much money in a bank, they simply don't offer anything

. Honestly, there is no reason I can think of to keep that much money in a bank, they simply don't offer anything

There are quite a few reasons I'd consider putting this sum of money into a bank...there is so much uncertainty out there at present and the guy doesn't want to lose it.
I'd consider a couple of banks and possibly some longer term investments as well - split it up a little. Eggs / baskets etc.
However - In Oz - our banks are probably the best situated at mo, better than any in the world. We are getting 6.5% on term deposits and a little more for 1-3 year deposits.
a 100% guaranteed, $65k per year on a 1mill invest is not too bad in this climate.
Si.

rich people problems :P