Originally Posted by
MarshyTheKid
I do. :hsdunno: It doesn't matter as long as you have less than 100k in the bank. Anyone that has over 100k in one bank is just stupid.
Originally Posted by
rabidmonk
That's retarded. So you figure millionaires and others with high net worth have a bunch of $99k bank accounts floating around? If you're worried about your money, don't go with a discount banker, which is essentially what wamu is.
several years ago,
CDars was formed mainly as a way for local municipalities to put large sums of $$ in one bank that was then distributed into different banks in the sytem in amounts less than 100k, so that it would still be insured by the FDIC but nulified the trouble of opening multiple accounts at multiple banks & then shifting the $$ aroung to keep each account under the 100k limit....it has since become a viable tool for individuals as well & in the sytem, you have coverage of up to 50 million
you don't hear much about it, cause it is predominately smaller local banks that are participating members because it allows tham to be more competive....hardly any of the larger investment banks like wamu, wachovia, wells fargo or such are participating members. but from what i've read on it, you can get comprable rates & a more personalized level of service since you are dealing w/ a smaller bank