FDIC
Gil Faver
different Wells Fargo Banks (as an example), i.e. WF Calif; WF Colorado; WF
South Dakota, etc. Also a WF "primary".
are these technically different banks, so I get $100k FDIC protection in
each one?
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dapperdobbs
> I am buying brokered CDs. I note there are what appear to be several
> different Wells Fargo Banks (as an example), i.e. WF Calif; WF Colorado; WF
Easy. FDIC website, specifically - http://www.fdic.gov/deposit/deposits/insured/index.html
"Deposits in separate branches of an insured bank
are not separately insured. Deposits in one insured
bank are insured separately from deposits in another
insured bank."
They also tell you whether or not your CD's qualify ....
Gil Faver
"dapperdobbs" <Geor...@hotmail.com> wrote in message
news:4cde08ee-f529-41e5...@d62g2000hsf.googlegroups.com...
> On Mar 5, 11:05 am, "Gil Faver" <rowdy'sb...@xxyz.com> wrote:
>> I am buying brokered CDs. I note there are what appear to be several
>> different Wells Fargo Banks (as an example), i.e. WF Calif; WF Colorado;
>> WF
>> South Dakota, etc. Also a WF "primary". Are these technically different
>> banks, so I get $100k FDIC protection in each one?
>
> Easy. FDIC website, specifically -
> http://www.fdic.gov/deposit/deposits/insured/index.html
>
> "Deposits in separate branches of an insured bank
> are not separately insured. Deposits in one insured
> bank are insured separately from deposits in another
> insured bank."
you miss the point of my question. Are these separate BRANCHES, or separate
BANKS, from the FDIC's point of view?
dapperdobbs
> you miss the point of my question. Are these separate BRANCHES, or separate
> BANKS, from the FDIC's point of view?
So sorry I missed the point of your question - my best guess is that
these are viewed as branches of the same bank, as their operations are
consolidated and reported as Wells Fargo on the same 10k. I think if
you asked someone at Wells Fargo they could tell you how the FDIC
views it, and whether or not your state of residency figures into the
picture.
I'm not sure if you are asking for your own personal information, or
opening a topic for discussion purposes. If in fact you are seeking
FDIC insurance as distinct from other commercially available insurance
such as some brokerages offer, and you are not satisfied with the
information the bank gives you, you can probably contact the FDIC
directly with your specific question.
I'd be interested in learning what you find.
Gil Faver
> On Mar 7, 12:43 pm, "Gil Faver" <rowdy'sb...@xxyz.com> wrote:
>
>> you miss the point of my question. Are these separate BRANCHES, or
>> separate
>> BANKS, from the FDIC's point of view?
>
> So sorry I missed the point of your question - my best guess is that
> these are viewed as branches of the same bank, as their operations are
> consolidated and reported as Wells Fargo on the same 10k. I think if
> you asked someone at Wells Fargo they could tell you how the FDIC
> views it, and whether or not your state of residency figures into the
> picture.
>
> I'm not sure if you are asking for your own personal information, or
> opening a topic for discussion purposes. If in fact you are seeking
> FDIC insurance as distinct from other commercially available insurance
> such as some brokerages offer, and you are not satisfied with the
> information the bank gives you, you can probably contact the FDIC
> directly with your specific question.
>
> I'd be interested in learning what you find.
actually, you link said something interesting - something to the effect that
each separate BANK will have its own FDIC number. But, I do not see where
to find that number, even on the FDIC website. I will ask e-trade, and not
hold my breath.
David
<%nBAj.290539$MJ6.2...@bgtnsc05-news.ops.worldnet.att.net>,
"Gil Faver" <rowdy'sb...@xxyz.com> wrote:
> >> you miss the point of my question. Are these separate BRANCHES, or
> >> separate
> >> BANKS, from the FDIC's point of view?
> >
> > So sorry I missed the point of your question - my best guess is that
> > these are viewed as branches of the same bank, as their operations are
> > consolidated and reported as Wells Fargo on the same 10k. I think if
> > you asked someone at Wells Fargo they could tell you how the FDIC
> > views it, and whether or not your state of residency figures into the
> > picture.
> actually, you link said something interesting - something to the effect that
> each separate BANK will have its own FDIC number. But, I do not see where
> to find that number, even on the FDIC website. I will ask e-trade, and not
> hold my breath.
>
I think FDIC goes by bank charter. I once worked for a bank with
consolidated operations. It was made up of at least 3 separately
chartered banks, but owned by a single holding company. As a service to
our clients, we completed the paperwork for them to purchase CDs at one
of the other banks, making it convenient for them and enabling us to
keep the deposits in our 'family' of banks.
--
I do the best I can, but I could be wrong.
please post reply to newsgroup.
David, Williamsport, PA. USA.
http://mysite.verizon.net/vzev1hs3/
Avrum Lapin
wrote:
> In article
> <%nBAj.290539$MJ6.2...@bgtnsc05-news.ops.worldnet.att.net>,
> "Gil Faver" <rowdy'sb...@xxyz.com> wrote:
>
>
> > >> you miss the point of my question. Are these separate BRANCHES, or
> > >> separate
> > >> BANKS, from the FDIC's point of view?
> > >
> > > So sorry I missed the point of your question - my best guess is that
> > > these are viewed as branches of the same bank, as their operations are
> > > consolidated and reported as Wells Fargo on the same 10k. I think if
> > > you asked someone at Wells Fargo they could tell you how the FDIC
> > > views it, and whether or not your state of residency figures into the
> > > picture.
>
> > actually, you link said something interesting - something to the effect
> > that
> > each separate BANK will have its own FDIC number. But, I do not see where
> > to find that number, even on the FDIC website. I will ask e-trade, and not
> > hold my breath.
> >
>
> I think FDIC goes by bank charter. I once worked for a bank with
> consolidated operations. It was made up of at least 3 separately
> chartered banks, but owned by a single holding company. As a service to
> our clients, we completed the paperwork for them to purchase CDs at one
> of the other banks, making it convenient for them and enabling us to
> keep the deposits in our 'family' of banks.
If I remember correctly Smith Barney's money sweep Bank deposit program
disclosure statement stated that the first account was at CitiBank
(South Dakota) and when that account approached $100K they moved to
CitiBank (another state). Since I never plan to have anywhere close to
$100K in the Bank Deposit program I buried the disclosure statement in
an "I hope that I never have to find it" folder
dapperdobbs
> >> you miss the point of my question. Are these separate BRANCHES, or
> >> separate
> >> BANKS, from the FDIC's point of view?
> actually, you link said something interesting - something to the effect that
> each separate BANK will have its own FDIC number. But, I do not see where
> to find that number, even on the FDIC website. I will ask e-trade, and not
> hold my breath.
This is just results of browsing and is nothing "hard" but Wikipedia
says:
http://en.wikipedia.org/wiki/Certificates_of_deposit
"A program called the "Certificate of Deposit Account Registry
Service" allows you to keep up to $25 million invested in CDs at one
bank and have it all covered by FDIC insurance. [1]"
My guess is that the mechanics behind this involve banks trading funds
around, so you may end up with CD's from other banks. Again, the
fundamentals are the soundness of the bank and their ability to repay
principal.