A depositor describes his experience at ANB Financial Bank after it was closed by the Fed on Friday. There are some good lessons learned for those who deposit over $100,000 into a bank account. You can safely go above $100,000 at a bank, but you have to be very careful.

 

Submitted: May 14, 2008    Views: 253    Comments: 2    Likes: 1   


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Comments Received:

Sol Nasisi
Sol_Nasisi

This is really helpful information. It sound like a family of five using revocable trusts could be FDIC insured up to $1,000,000.

Father and 4 beneficiaries = $500,000
Mother and 4 beneficiaries= $500,000

Does that sound correct?

Glad to hear they received their FDIC money promptly although they lost the interest.

Posted: May 14, 2008

ktexas
ktexas

Actually, 4 qualified beneficiaries on one account may only be insured to $400K. It does get confusing, and I would recommend people to use the insurance estimator at the FDIC to verify their specific cases.

Posted: May 15, 2008



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