It looks like the deposits are insured in aggregate. Read the fine print.
"*E*TRADE Bank is a division of Telebank, a wholly-owned subsidiary of E*TRADE Group Inc. Deposits are insured up to $100,000 by the FDIC. Deposits held at E*TRADE Bank and Telebank are not separately insured by the FDIC."
My securities lawyer is going to request the certificates this week. I had been concerned that that would be even slower as they could blame the transfer agent.
This is at the bottom of every page:
"* Not FDIC Insured * No Bank Guarantee * May Lose Value."
SIPC coverage is not the same as the federal deposit insurance provided by the FDIC. It does not protect investors against a decline in the market value of securities. SIPC generally protects customers against the physical loss of securities if the broker/dealer holding the securities for the customer fails.
"Here's how SIPC coverage works: To help secure your assets, we automatically protect your account up to $100 million free of charge. The Securities Investor Protection Corporation (SIPC) provides up to $500,000 of coverage (limited to $100,000 for cash), and National Union Fire Insurance Company of Pittsburgh, PA, provides an additional $99.5 million of coverage on securities, including an additional $900,000 for cash claims. Of course, this protection does not cover fluctuations in the market value of your investments." |
