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| zerolikedis |
 Posted: Thu May 12, 2005 3:52 pm Post subject: how much? Safety |
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Investing Manager
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| what is the max amount that you would keep in an online bank??? ( ING or Virtual) and how long would you keep it there??? i mean its fdic insured but where do i go to kill someone if the bank disappears in two years with 10,000 in my savings account? |
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| Dave Rathbun |
| Posted: Fri May 13, 2005 1:16 am Post subject: |
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CFO
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If the bank is insured by the FDIC then you are (supposed to be) safe with up to $100,000 per "account". That means, if I remember correctly, that you can have one individual account if you are single, or if you are married you can have one, your spouse can have one, and you can have a "joint" account.
In doing some research, I came across an interesting fact... the FDIC insures only against bank failure or fraud, not robbery.  So if your bank gets robbed, they are responsible for having their own insurance that will pay you back the money you lost. Read more. |
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| jeter4982 |
| Posted: Sun May 15, 2005 4:35 am Post subject: |
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Investing Sr. Associate
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| Dave Rathbun wrote: | If the bank is insured by the FDIC then you are (supposed to be) safe with up to $100,000 per "account". That means, if I remember correctly, that you can have one individual account if you are single, or if you are married you can have one, your spouse can have one, and you can have a "joint" account.
In doing some research, I came across an interesting fact... the FDIC insures only against bank failure or fraud, not robbery. So if your bank gets robbed, they are responsible for having their own insurance that will pay you back the money you lost. Read more. |
Very interested Dave! That definitely adds to the lack of trust that I have in online banking, though I still think they are fairly secure.
Tom |
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| zerolikedis |
| Posted: Sun May 15, 2005 7:02 am Post subject: |
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Investing Manager
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| thanks alot for the info but i was trying to see how much a person keeps in that bank, like i might only keep 5,000 in there. How much would you keep in there? |
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| Dave Rathbun |
| Posted: Sun May 15, 2005 11:37 am Post subject: |
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CFO
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| zerolikedis wrote: | | thanks alot for the info but i was trying to see how much a person keeps in that bank, like i might only keep 5,000 in there. How much would you keep in there? |
If they are insured by the FDIC, then you're covered up to $100,000. Credit Unions are insured by the NCUSIF.
Here's a page from the official FDIC site, explaining a bit about deposit insurance. |
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| jeter4982 |
| Posted: Sun May 15, 2005 11:57 am Post subject: |
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Investing Sr. Associate
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| zerolikedis wrote: | | thanks alot for the info but i was trying to see how much a person keeps in that bank, like i might only keep 5,000 in there. How much would you keep in there? |
In a major online bank, I would be comfortable keeping about $10,000 in there as a maximum.
Tom |
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| Dave Rathbun |
| Posted: Sun May 15, 2005 2:37 pm Post subject: |
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CFO
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ING is more than a "major online bank", they're insurance, and a ton of other financial services. I have, well, I don't want to say the exact number  ... but a substantial deposit there now. They have some of the best interest rates in the country, and they are absolutely insured. The fact that they have an online presense is a bonus... they're not really an "online" bank.
If I had the funds, I would have no problems at all keeping the maximum insurable amount in one of their accounts. |
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| zerolikedis |
| Posted: Wed May 18, 2005 7:37 am Post subject: |
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Investing Manager
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| oh ok cuz im going to start abusing that 3 % my primary bank is .65% on free savings |
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