9/31 So people using Net.Bank with over 100K. Did they lose
$(What they had in the bank) - $100K ?
\_ They are now creditors against the assets of the bank. They may
or may not lose that much depending on how things shake out.
However, they are only guaranteed their $100K.
\_ Is FDIC guarantee per account or per "entity"
\_ Per account
\_ Per depositor, although accounts held by different
entities may count separately. For example, if you have a
single account and a revocable trust then you may be
eligible for more insurance (in this case $100K per
beneficiary of the trust in addition to $100K for the
single account). If you have, say, four checking
accounts in your own name at a bank then you are insured
for only $100K total.
\_ More example: if you and you wife have a single joint
account, by default you and your wife are covered for
$100K each. It gets complicated if you and your wife
own the account at some ratio other than 50%-50%.
account, you and your wife are covered for $100K each.
Say there was $200K in the account. If you and your wife
own it at 50%-50%, each of you gets $100K. But if you and
your wife own it at 75%-25%, you get $100K while your wife
gets $50K.
\_ http://www.smartmoney.com/consumer/index.cfm?story=2007100 |
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