On Wed, 2 Apr 2008 09:34:49 -0500, nosmo king <nosmo_king58[at]yahoo.comwrote:

- quote -

This appears to offer an interesting solution where savers are keen on
FDIC. The web site mentions costs, and says that there are costs of
course, but the CD rate quoted is net of costs.

Has anyone used cdars?


-HW "Skip" Weldon
Columbia, SC

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On Mar 28, 3:13 pm, Novea...[at]aol.com wrote:
- quote -

CDARS (www.cdars.com) offers FDIC insurance up to $50 million.

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Might want to check out "FDIC" topic on this forum, March 12, 2008

http://groups.google.com/group/misc....d08b77f3723550

Unless there's some overriding credit union regulation, I believe the
topic above concluded that if you have CD's in your account that are
issued by unrelated banks, each CD is insured to $100,000.

On Mar 29, 1:01*pm, Novea...[at]aol.com wrote:
- quote -

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Thanks. Looks like I will have to open a new account at a different
bank or credit union, if I want to be insured on over $100,000 in
stuff like CD's , savings, and checking. Seems like the individual
credit unions would have found a way to keep customers with more than
$100,000 staying with them, but I guess not.

And thanks for the link.

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Noveau67[at]aol.com wrote on [Fri, 28 Mar 2008 14:13:25 -0500]:
- quote -

Nope. Credit unions use the NCUA, not the FDIC.

- quote -

If a member has more than one individual account in the same insured
credit union, is each account insured to $100,000 SMSIA?

No. Individual share accounts held by the same member are added together
and are insured up to $100,000 SMSIA. An individual share account is an
account solely owned by one individual without the right of withdrawal
by another individual. IRA, Keogh, and Deferred Compensation accounts
are insured separately. See the section on NCUSIF Insurance of Special
Accounts for more details .
http://webapps.ncua.gov/ins/InsuredF...alAccounts.htm

Different types of accounts are needed to push the limits higher.

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My credit union tells me my money there is insured for more than
$100,000, by FDIC. They say EACH cd is separately insured for
$100,000. Supposing I have 4 cd's, I am insured for a possible
total of $400,000.

I noticed that each cd I have has it's own account number.

This is all I found in writing so far, from their online site :

"Your savings Federally insured to at least $100,000 and backed by
the full faith and credit of the United States Government. National
Credit Union Administration, a US Government Agency. "


Sound right ??

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