PebHmong Discussion Forum

General Category => General Discussion => Topic started by: theking on August 28, 2019, 06:19:08 PM

Title: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: theking on August 28, 2019, 06:19:08 PM
...away as my account was getting close to that threshold...I believe the coverage goes up to 500k for some joint accounts??  ???:

(https://i.imgur.com/hp6Gvzf.jpg)

(https://i.imgur.com/5H71EkD.jpg)

(https://i.imgur.com/sEc6MqZ.jpg)
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: nightrider on August 28, 2019, 07:16:20 PM
Yes. FDIC only guarantees up $250k. I don't have that kind of money so I won't need to worry about it. But it's good to know that you're doing very well in life to have such an account.
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: theking on August 29, 2019, 04:05:00 PM
Quote from: nightrider on August 28, 2019, 07:16:20 PM
Yes. FDIC only guarantees up $250k. I don't have that kind of money so I won't need to worry about it. But it's good to know that you're doing very well in life to have such an account.

I don't consider that "very well" but I started from the very bottom and now in the middle class so that account is about right for middle class folks in this day and age...

I bet there are PH members that have bigger accounts...

The point still remains, if you have over 250k in your account, FDIC won't cover it unless it's one of the exception(s)..
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: Yebleng on August 30, 2019, 11:40:33 AM
Now I know why they call you Theking  ;D

Let me borrow some money yo. I'll be your best friend on ph forever ;D O0
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: DuMa on August 30, 2019, 01:14:08 PM
When I get marry, my account will look like that too but $2 is actually mine.   :2funny:
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: nightrider on August 30, 2019, 07:42:08 PM
Quote from: theking on August 29, 2019, 04:05:00 PM
I don't consider that "very well" but I started from the very bottom and now in the middle class so that account is about right for middle class folks in this day and age...

I bet there are PH members that have bigger accounts...

The point still remains, if you have over 250k in your account, FDIC won't cover it unless it's one of the exception(s)..

Yes. I sure other phers in here has a lot more assets. If you're single, I consider you being rich by midwest standards. 

Duma,
Single earner just can't reach that level of savings. After you're married, I'm sure you would triple or quadruple your account depending who you marry and with your own abilities.
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: theking on August 30, 2019, 09:57:24 PM
Quote from: nightrider on August 30, 2019, 07:42:08 PM
Yes. I sure other phers in here has a lot more assets. If you're single, I consider you being rich by midwest standards.

That can depend on the individual's perception but on average that's not "rich" even for midwest standards:
Quote
Just how much money do you need to earn to be considered "rich"?

For some Americans, the answer is having an average of $2.4 million to your name

https://www.businessinsider.com/how-much-money-rich-people-earn-in-biggest-city-every-state-2018-4 (https://www.businessinsider.com/how-much-money-rich-people-earn-in-biggest-city-every-state-2018-4)


Quote
Duma,
Single earner just can't reach that level of savings.

Incorrect, plenty of "single" millionaires and billionaires out there..
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: theking on August 30, 2019, 10:00:07 PM
Quote from: Yebleng on August 30, 2019, 11:40:33 AM
Now I know why they call you Theking  ;D

Let me borrow some money yo. I'll be your best friend on ph forever ;D O0

Here's a better idea, you can earn it like I did...Trust me, the reward feeling is higher when you know it's your own blood, sweat and tears that got you there... O0 ;D
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: DuMa on September 03, 2019, 09:35:31 AM
If fdic insured only at 250k and if you go over that threshold, it should be ok too.  I probably wasn't even alive when fdic was involved in paying out so lets say that we go back into a depression and fdic only pays you 250k but you are a little bit over it.  I say to that they can have the chump change. 

I mean seeing your account at 251K is better than having to micro manage like you have to buy something to drop it lower than 250k. 

Peace of mind brother.  Live in fear not.   O0
Title: Re: Those that don't know, FDIC only covers bank accounts to 250k so had to chip it
Post by: hmgROCK on September 03, 2019, 10:18:17 AM
Lol

These butthurt mod
Just start a second bank with a different bank
New $250k limit