Every dollar over the limit

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New2grammar

#541616 Tue, 15 Jul 08 03:09 AM

Even though your savings are guaranteed by the FDIC, there's a cap on it and it's only one hundred grand. What you want to do is structure your savings differently. Make sure no more than 100 thousands on your name or every dollar over the limit is only 50 percent insured.

Are there any mistakes?
Thanks.

New2grammar

Joined on Tue, Nov 21 2006

Veteran Member (7,676)

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Mister Micawber

#541617 Tue, 15 Jul 08 03:12 AM

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Even though your savings are guaranteed by the FDIC, there's a cap of only one hundred grand on it. What you want to do is structure your savings differently. Make sure that no more than 100 thousand is in your name or that every dollar over the limit is only [? Doesn't make sense, but I don't know the FDIC rule. 'At least 50%'? Why not '100%'?] 50 percent insured.

Mister Micawber

Joined on Wed, Aug 4 2004

Yokohama

Veteran Member (22,604)

'The question is,' said Humpty Dumpty, 'which is to be master-- that's all.'

New2grammar

#541621 Tue, 15 Jul 08 03:16 AM

Mister Micawber
[? Doesn't make sense, but I don't know the FDIC rule. 'At least 50%'? Why not '100%'?] 50 percent insured.

Apparently, anything over 100,000 is only 50 percent insured, meaning if you have 200,000 and the bank goes out of business, you'll only get 150,000 back if the bank is FDIC insured.

Thank you, MM for the correction.

New2grammar

Mister Micawber

#541631 Tue, 15 Jul 08 03:36 AM

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Ah, I see. I have never been concerned about such sums, personally.

Then delete 'only':

or that every dollar over the limit is 50 percent insured.