With the recent market turmoil, I looked to make sure our company's basic finances were properly protected. FDIC insures up to $100K on checking accounts, and with some other allowances can go higher (joint accounts, retirement accounts, etc). But this wasn't enough for us.<p>Just found this on the web: http://www.cdars.com<p>Supposedly it is a network of FDIC insured banks that work together so that all your accounts are FDIC insured -- up to $50MM. And you only still work with that one bank.<p>There are probably other networks out there as well. In this economic climate, make sure you're protected!<p>Anyone else with better strategies, speak up!
Retail banks for the most part are doing fine. The recent crisis isn't really going to hurt First Bank of Wherever much. They generally weren't involved in CDS, and sold their mortgages to Fannie or Freddie long ago.<p>WaMu was really sort of an exception in retail banking. Most of them aren't sexy enough for the guys who really blow companies up by gambling on complex derivatives.
Using individual accounts, joint accounts, CDs, and IRAs, it's possible to structure ~$900,000 in FDIC protection (see table: <a href="http://home.ingdirect.com/faqs/faqs.asp?s=FDIC" rel="nofollow">http://home.ingdirect.com/faqs/faqs.asp?s=FDIC</a>)