I actually found this blog entry to be thought provoking. Thinking about saving money now to buy assets at a discount later is a great tip both for individuals and businesses. On a personal level, I hope to buy a house in the next couple of years, so maybe my timing will be perfect, especially if I start saving my money now.

Thanks for the good ideas on several levels!

The rest of the article is pretty solid though - I hate to be snarky, but I’ve always wondered what kind of people even HAVE $100,000 but not-so-smart to research and know about FDIC insurance?

pwan: As for the FDIC limits, this has caused a lot of debates in my colleague circle, and I can’t seem to get a straight story from anyone. Some people say “per account type, per bank”, others say “per account per bank”, and still others say “per bank”. I will put that to end.

Right from the FDIC website at http://www.fdic.gov/deposit/deposits/insuringdeposits/

“The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank.”

It goes on to say:

“The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.”

It then described those categories as:

“The most common ownership categories are: Single Accounts, Certain Retirement Accounts, Joint Accounts, Revocable Trust Accounts”

It then describes Single Accounts as:

“These are deposit accounts owned by one person and titled in that person’s name only. All of your single accounts at the same insured bank are added together and the total is insured up to $100,000. For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $100,000.”

So I do apologize that my article may have been misleading, but it wasn’t incorrect. You may have more than one account type, up to $100,000 per account type (with the exception of IRAs, which is $250,000). Your total of all Single Accounts must total $100,000 at most.

Keep those great comments coming in!

It’s amazing to me that there ARE people think it’s nothing and that it’s going to get better once the new administration gets in. I do not understand that mentality, especially when you look at the candidate’s economic plan. It’s relatively worthless, in my opinion.

See http://www.fdic.gov/deposit/deposits/insuringdeposits/

“For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $100,000.”

I really liked:

“Help others save money.
If you build in the ability for people to save money into your products, they’ll buy your product, even during a recession or time of economic stress! ”

I’m going to try to dream up ways to apply that in our shop!